MCT raises $460.5m in oversubscribed preferential offering

It will be used for the acquisition of Mapletree Business City (Phase 2).

Mapletree Commercial Trust (MCT) has raised about $460.5m in a preferential offering of 205.59 million units priced $2.24 per unit, the company announced.

MCT received a total of 298.89 million units, including excess applications of 113.21 million units.

Including the $458m gross proceeds from an earlier private placement, the firm has raised a total of $918.5m for the equity fund raising. Mapletree aimed to raise at least $902.3m to partially fund the acquisition of Mapletree Business City (Phase 2).

Its manager expects the units from the preferential offering to be listed and quoted on the mainboard of the SGX-ST on 15 November.