ESR-LOGOS REIT has obtained in-principle approval from the Singapore Exchange (SGX) to list up to 461,600,000 new units on the bourse.

The new units will be issued as part of the REIT’s impending preferential offering exercise, which was first disclosed in February 2023.

The preferential offering is part of a fundraising exercise, which also has a private placement component, to raise some SGD300 million for the REIT.

ESR-LOGOS had earlier issued 454,545,000 new units at SGD0.33 under the placement, which was offered to selected investors.

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

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

ESR-LOGOS REIT was last done on the Singapore Exchange at SGD0.32, which presently implies a distribution yield of 9.38% according to data on the Singapore REITs table.