Ascendas REIT's property in Changi Business Park, One@Changi City. (Photo: REITsWeek)

Moody’s Investor Service has described Ascendas REIT’s move to raise some SGD452.1 million (USD330 million) via a private placement exercise as a credit positive measure, and maintained its A3 rating on the security.

Ascendas REIT announced earlier that it was conducting the placement to raise funds for a second UK portfolio, and a built-to-suit facility in Singapore.

The placement introduced 178,007,000 new units of Ascendas REIT into circulation, which constitute about 5.7% of the pre-transaction issued share capital in the REIT.

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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.