COMMERCIAL PROPERTY | Staff Reporter, Singapore

CCT launches $700m rights issue

It will fund the Asia Square Tower 2 acquisition.

CapitaLand Commercial Trust (CCT) launches a $700m rights issue.

According to an announcement, 513.5 million new units in CCT will be offered, or 166 right units for every 1,000 existing units.

DBS, JPMorgan, and HSBC were appointed as joint lead managers and underwriters.

About 98.6% of the proceeds, or $690.4m, will finance the acquisition of Asia Square Tower 2, which has been sold to CCT for $2.1b.

Meanwhile, $6.3m will be used to pay for the underwriting commission, and $3.3m will be used to pay expenses during the rights issue.

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