ESR-LOGOS REIT has announced a proposal to raise at least SGD300 million via an equity fundraising exercise.

The exercise will comprise a private placement for selected investors. and a preferential offering for all unitholders.

Under the placement, new units in ESR-LOGOS REIT will be issued at between SGD0.33 and SGD0.335.

This represents a discount of approximately 4.34% and 5.77% to the VWAP of SGD0.3502 on 15 February 2023.

Meanwhile, the preferential offering units will be issued at a discount of 0.5 cents to the private placement price.

The prices will be determined by the manager following a book-building process, and will be announced thereafter.

ESR-LOGOS REIT was last done on the SGX at SGD0.35, which presently implies a distribution yield of 8.57% according to data on the Singapore REITs table.

Related: ESR-LOGOS REIT provides rationale behind current gearing levels