Singapore-listed industrial space landlord Viva Industrial Trust (VIT) (SGX:T8B) has on 2 November launched a preferential offering exercise that seeks to issue 101,071,000 new stapled securities at an issue price of SGD0.715 per new unit
The exercise is being done pursuant to a fund raising exercise that was first announced on 18 November. The exercise is being done to raise some SGD110 million in funds and comprises of a private placement exercise and a preferential offering. Funds raised are being used to acquire three industrial properties in Singapore.
The preferential offering leg aims to raise gross proceeds of approximately SGD72.3 million for the trust and will be made on the basis of one new stapled security for every seven existing units in the trust as at 5.00 p.m. on 26 November 2015.
The offer will close on 9 December 2015.
Units of Viva Industrial Trust last traded on the Singapore Exchange at SGD0.72.