Dasin Retail Trust's Shiqi Metro Mall, which is expected to be inducted by mid-2017. (Photo: Dasin Retail Trust)

Dasin Retail Trust’s private placement exercise that was announced on 3 September was approximately 1.2 times subscribed.

The placement was well-supported by new investors and existing unitholders, said the China-focused trust in a filing on the same day.

Dasin Retail Trust had earlier requested for trading in its units to be suspended on the Singapore Exchange, ahead of announcing the placement exercise.

The issued price of SGD0.836 per new unit represents a discount of 2.4% to the volume weighted average price of SGD0.8563 per unit in Dasin Retail Trust on 2 September.

The placement has raised the trust some SGD68.8 million in gross proceeds.

Dasin Retail Trust intends to deploy approximately SGD61.3 million, or 89.1% of the gross proceeds towards the proposed acquisition of Doumen Metro Mall in Zhuhai.

Approximately SGD7.5 million, or 10.9% of the gross proceeds,will be used to pay the estimated fees and expenses related to the acquisition.

The trust’s manager may also use the net proceeds from the private placement at its absolute discretion for other purposes, such as repaying existing debt.

Dasin Retail Trust was last done on the Singapore Exchange at SGD0.86.

By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.