FCOT receives approval to list 96 million new units

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Singapore-listed office REIT, Frasers Commercial Trust (FCOT) (SGX:ND8U), has received approval from Singapore Exchange to list 96 million new units in the REIT at an issue price of SGD1.48.

The units are being issued partly to finance the acquisition of 357 Collins Street in Melbourne, Australia. FCOT announced in April 2014 that it was acquiring the 25-storey for AUD222.5 million (SGD231 million).

Gross proceeds from the private placement will amount to approximately SGD142.1 million assuming that FCOT goes ahead to list the full 96 million new units in the private placement exercise.

Barclays Bank PLC, Singapore Branch, Citigroup Global Markets Singapore and DBS Bank Ltd have been appointed as joint placement agents and and underwriters in relation to the private placement.

To demonstrate its support, FCL Trust Holdings (Commercial) Pte Ltd, a wholly-owned subsidiary of Frasers Centrepoint Limited has agreed to subscribe for 23.1 million new units at issue price.

Units of FCOT slipped by 1.37% at close from the previous trading day on the Singapore Exchange.

Frasers Commercial Trust's 55 Market  Street

Frasers Commercial Trust's 55 Market Street

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