Keppel DC REIT lifts private placement to $625m on strong demand

About 98.5% of the proceeds will be used to partially finance an acquisition.

Keppel DC REIT upsized its private placement to $625m from approximately $600m after strong institutional demand left the initial deal about 3.5 times covered.

KEPPEL DC REIT Management, the REIT’s manager, said in a bourse filing that 98.5%, or $615.8m, of the proceeds will be used to partially finance an acquisition.

The remaining $9.2m will cover fees and expenses related to the placement, it added.

If the acquisition does not proceed, the REIT may use the proceeds for other purposes, including repayment of existing debt, future acquisitions, capital expenditure, and working capital.

Following the upsizing, the placement remained approximately 3.4 times covered. Demand came from new and existing unitholders globally, comprising institutional and accredited investors.

A majority of the new units were allocated to long-only investors and real estate specialists.

The REIT will issue 297.62 million new units at $2.10 apiece. The issue price represents a 4.4% discount to the $2.1974 volume-weighted average price of its units on 31 August, up to the signing of the placement agreement on 1 September.

The new units represent approximately 12.2% of the REIT's unit base as of 30 April.

Trading of the new units on the Singapore Exchange is expected to begin on 10 September, subject to the relevant listing approval.

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