Elite UK REIT raises $6.9m in oversubscribed private placement issue

A total of 13.56 million units will be issued.

Elite UK REIT raised $6.9m (£4.0m) from its oversubscribed private placement, which closed on 10 June.

In a bourse filing, the REIT said the placement attracted strong participation from long-only funds, multi-strategy funds, and high-quality private bank clients.

The issue price was fixed at $0.50 (£0.295) per unit, reflecting a 13.0% discount to the volume weighted average price (VWAP) of $0.58 (£0.339) from 9 June to the signing of the placement agreement on 10 June.

A total of 13.56 million units will be issued. Trading on the SGX-ST is expected to commence at 9:00 a.m. on Thursday, 19 June.

CIMB Bank, Maybank Securities, and RHB Bank were the joint bookrunners and underwriters.