In addition, the placement’s upsize option was also exercised, raising additional gross proceeds of S$46.9 mil. In total, the private placement raised gross proceeds of $250 million, with 127.55 million new units to be issued.
According to the manager, the private placement, including the upsize option was oversubscribed and drew strong demand from new and existing institutional, accredited and other investors.
According to the manager, $150 million of the gross proceeds will be used to partially finance the proposed acquisitions of all the units in Acacia Goulburn Trust and Acacia Arthur Trust, which hold the two properties in Sydney, Australia CICT had announced it was acquiring on Dec 3.
See also: AIMS APAC REIT to acquire Framework Building for $56.65 mil
Approximately $95.9 million of the gross proceeds will be used to partially fund potential acquisitions in Singapore and other developed markets and asset enhancement initiatives, while the remaining $4.1 million will be used to pay transaction-related fees.
The trading of the new units is expected to commence on Dec 16.
See also: CLAS to acquire three rental properties in Japan for 4 billion yen
Shares in CICT closed down 1 cent or 0.49% lower at $2.05 on Dec 6 before trading was halted yesterday. Trading of CICT shares will recommence this morning.
Cover picture of 100 Arthur Street: CICT
