Mapletree Logistics Trust (MLT) has received valid acceptances and excess applications for a total of 212,860,557 new units in its preferential offering exercise.

The applications represent approximately 133.8% of the total number of new units available under the preferential offering.

MLT announced in November 2021 that it was acquiring 17 logistics assets across China, Vietnam and Japan.

Related: Mapletree Logistics Trust launches SGD700 million fundraiser for 17-asset acquisition

To fund the acquisition, the REIT conducted a private placement and preferential offering exercises.

Given the applications, MLT will issue a total of 159,109,907 new units under the preferential offering.

The units are being issued at SGD1.84 each and will raise the REIT gross proceeds of approximately SGD292.8 million.

Together with the gross proceeds of approximately SGD400.0 million raised from the private placement, MLT will have some SGD692.8 million of fresh funds from the exercises.

MLT was last done on the Singapore Exchange (SGX) at SGD1.86, which presently implies a distribution yield of 4.67% according to data on the Singapore REITs table.