CRCT raises $103.8 mil in oversubscribed placement for joint acquisition of Guangzhou mall

SINGAPORE (Nov 29): The manager of CapitaLand Retail China Trust (CRCT) says its private placement announced yesterday has been oversubscribed, and that it has exercised an upsize option to issue a total of 64.4 million new units at $1.612 per new unit to raise a total of $103.8 million as a result.

To recap, CRCT’s manager previously proposed a private placement of 51.5 million new units in the trust at between $1.553 and $1.612 per new unit to raise gross proceeds of no less than $80.0 million. This was subject to an upsize option to issue up to 12.9 million additional new units to raise additional gross proceeds of approximately $20 million.

In a Wednesday filing, CRCT’s manager says it intends to use $101.7 million or about 98% of the gross proceeds to partially fund the joint acquisition of Rock Square shopping mall in Guangzhou.

---

Related Stories

• CICT upsizes placement priced at $2.30 per unit to $750 million
• Why Hongkong Land acquired a 10.8% stake in Suntec REIT at a premium to market
• CLINT seeks to raise $150 mil via private placement (update)

---