SPH REIT raises $164.5m in private placement

It will be used to partly fund the acquisition of an Australian shopping centre.

SPH REIT has raised about $164.5m from an overnight private placement of around 156.6 million units, the company announced. It was said to be multiple times covered.

The issue price has been fixed at $1.05 per unit following a book-building process.

Most of the proceeds will be used to partially fund the proposed acquisition of a 50% interest in Westfield Marion Shopping Centre in Australia, with the remaining $2.1m to be used for paying the fees and expenses incurred related to the acquisition and private placement.

The trading of the new units on the SGX-ST is expected to begin on 2 December.

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