The manager of <a href="https://www.theedgesingapore.com/tags/mapletree-logistic-trust" target="_blank">Mapletree Logistics Trust (MLT)</a> has announced that its equity fund raising launched on Nov 23 has closed with total gross proceeds of approximately $692.8 million, which will be used to partially fund its proposed acquisitions of 17 logistics assets in China, Vietnam and Japan.

<hr/>See: <a href="https://www.theedgesingapore.com/news/reits/mapletree-logistics-trust-acquire-17-logistic-assets-china-vietnam-and-japan-14-bil" target="_blank">Mapletree Logistics Trust to acquire 17 logistic assets in China, Vietnam and Japan for $1.4 bil</a><hr/>

MLT had launched an equity fund raise comprising a private placement and a preferential offering to raise around $400 million and $300 million respectively.

DBS Bank, The Hongkong and Shanghai Banking Corporation and Oversea-Chinese Banking Corporation were joint global coordinators and bookrunners for the transactions.

In its announcement on Nov 24, the manager announced that the private placement was closed with the issue price fixed at $1.88 per new unit. The issue price represents a 2.8% discount to the adjusted volume-weighted average price (VWAP) as of Nov 22.

According to the manager, the private placement was oversubscribed with participation from new and existing institutional, accredited, and other investors. A total of 212.76 million new units will be issued under the private placement, resulting in approximately $400 million in gross proceeds.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/reits/clct-net-rmb6907-million-divestment-beijing-mall?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>CLCT to net RMB690.7 million from divestment of Beijing mall</a>

Meanwhile, the preferential offering issue price was fixed at $1.84 per new unit. The issue price represents a discount of 4.9% to the adjusted VWAP. A total of 159.11 million new units will be issued under the preferential offering, on the basis of 37 new units for every 1000 existing units, resulting in gross proceeds of approximately $292.8 million.

The manager intends to use approximately $675.5 million of the total gross proceeds to partially fund the acquisitions, while the remaining $17.3 million will be used to pay professional fees and expenses.

As at 10.05am, units in MLT are down 3 cents or 1.54% lower at $1.92.

Mapletree Logistics Trust raises $692.8 mil in equity funding for acquisitions in China, Vietnam and Japan

Qarbotech named winner of inaugural EQT Impact Challenge

MSCI boss warns of climate risks

Keppel to acquire 50% stake in European asset manager Aermont Capital for up to $517 mil

Local banks 'resilient' in 2023, but MAS warns of deteriorating asset quality, climate transition risks

The new kings and queens of content

Broker's digest: IHH Healthcare, FLCT, Boustead Singapore, BRC Asia, Starhill Global REIT, MPACT, Kimly

Cultural challenges in business diplomacy with China

Mapletree Logistics Trust raises $692.8 mil in equity funding for acquisitions in China, Vietnam and Japan

Related News

Highlights

Qarbotech named winner of inaugural EQT Impact Challenge

Related News

UOB Kay Hian retains ‘buy’ call on MLT as upgrading of domestic consumption drives recovery for China portfolio

Mapletree Logistics Trust completes the acquisition of 12 logistics assets in China

UOB Kay Hian and CGS-CIMB maintain 'hold' calls on MLT, citing unattractive yield