Singapore-listed industrial REIT, Cache Logistics Trust (SGX:K2LU) announced on 9 November that it received in-principle approval from Singapore Exchange to list 106,270,000 new units of the REIT at SGD0.941.
The new units are issued pursuant to a private placement exercise that was first announced on 3 November. The placement was conducted to raise funds for potential acquisitions in Australia and repay outstanding debt, said the REIT.
“The potential acquisitions are in line with the manager’s principal investment strategy to invest in income-producing real estate used for logistics purposes and real estate related assets which will provide value creation opportunities so as to deliver stable distributions and sustainable returns to the unitholders”, said the REIT in its announcement on the private placement.
Units of Cache Logistics Trust closed the trading day about 1% lower from its previous close on the Singapore Exchange to end at SGD0.965.