Ascendas REIT (SGX:A17U) announced on 5 January that it has opened a non-renounceable preferential offering of 94,471,920 new units to raise gross proceeds of approximately SGD209.5 million.

The Singapore-listed industrial REIT first announced in December 2015 that it was making the offering of three new units for every 80 existing units held by as at 5.00 p.m. on 30 December 2015 to entitled unitholders at SGD2.218 per unit.

“The manager will make a separate announcement regarding the intended use of proceeds from the preferential offering once the results of the preferential offering is known”, said the REIT’s manager in a statement.

The preferential offering will close on 13 January 2016.

Units of Ascendas REIT are currently listed on the Singapore Exchange at SGD2.26.