Croesus Retail Trust's seventh property in Japan, One's Mall in Chiba Prefecture.Croesus Retail Trust's seventh property in Japan, One's Mall in Chiba Prefecture.

Singapore-listed Croesus Retail Trust announced on 24 March that it has raised SGD52.5 million from the private placement of 70 million new units.

The units were priced at SGD0.75 each. The placement exercise was first announced late on 23 March. Net proceeds from the private placement amount to approximately SGD50.9 million, after deducting estimated fees and expenses, said the trust.

Croesus Retail Trust has also indicated that it intends to use about 97% of the gross proceeds to partially fund potential acquisitions, asset enhancement initiatives, and general corporate and working capital purposes.

Trading of the new units is currently expected to commence at 9.00 a.m. on 4 April 2016.

Units of Croesus Retail Trust fell by more than 4% at the end of its trading day on the Singapore Exchange to finish at SGD0.78.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.