The private placement units will be issued on Sept 12 and will not be entitled to the advanced distributions. On Sept 4, CICT’s manager announced that unitholders will be entitled to an advanced distribution of 2.11 cents to 2.21 cents, with a book closure date of Sept 10.
Investor interest suggests a strong demand for a stake in Ion Orchard. A private placement of 171.737 million new units in CapitaLand Integrated Commercial Trust (SGX:C38U
) (CICT), aimed at raising $350.3 million, received significant attention from new and existing institutional, accredited and other investors. The offering was approximately 3.7 times covered.
The private placement was part of a capital raising exercise to partly fund CICT’s acquisition of Ion Orchard. CICT is looking to raise $1.1 billion, with the remaining $757.2 million to be raised from a pro-rata and non-renounceable preferential offering of 377.3 million new units at $2.007 per unit, or 56 new units for every 1,000 units.
