Elite UK REIT to raise $5.8m via private placement

This is to acquire three freehold properties located in the United Kingdom.

Elite UK REIT announced the proposed private placement of new units to raise $5.8m (EUR4m) in gross proceeds.

This will fund the acquisition of three freehold properties located in the United Kingdom.

Moreover, approximately $1m (EUR0.7m) will be used to pay for the estimated fees and expenses, including professional fees incurred or to be incurred by Elite UK REIT in connection with the Private Placement.

The private placement represents a discount of approximately 10% and 13% to the volume-weighted average price of $0.49 (EUR0.339) per Unit of all trades in the Units on the Singapore Exchange Securities Trading Limited.