The private placement was said to have drawn strong demand from new and existing institutional and other accredited investors which led to the book being 2.8 times subscribed, including the upsize option.
“We are thankful to the investors for their strong support of FLCT’s private placement, which reflects the investing community’s continuing endorsement of FLCT’s growth strategy and our ability to deliver steady returns,” says Robert Wallace, CEO of the manager.
“The proceeds raised will be allocated to the acquisition of the six new properties in Germany, the Netherlands and the United Kingdom, enabling FLCT to execute its disciplined strategy of pursuing quality assets in developed markets, with a view towards generating long-term value for our stakeholders,” he adds.
FLCT, on the morning of May 24, announced the launch of its private placement to raise some $300 million following its proposed acquisition of six properties in Europe and the UK.
See: FLCT acquires six properties in Europe and UK for $549 mil, launches private placement to raise $300 mil
Net proceeds from the private placement will be used to partly fund the proposed acquisition, which is expected to be completed in June.
As at 10.20am, units in FLCT are trading 2 cents lower or 1.4% down at $1.42.
