The equity issuance includes placement and preferential offering.
CapitaLand Ascfinishas REIT (CLAR) has launched an equity fund raising to generate gross proceeds of no less than approximately $900m through a private placement and a non-renounceable preferential offering, according to an SGX filing.
The private placement will issue between 244.9 million and 249.4 million new units to institutional, accredited, and other investors at $2.406 to $2.450 per unit, tarreceiveing gross proceeds of at least $600m.
The preferential offering will provide existing unitholders with approximately 129.1 million new units at $2.35 to $2.40 per unit, aiming to raise around $300m.
Private placement units will not be entitled to the estimated Advanced Distribution of 3.75 cents per existing unit for the period from 1 January 2026 to 1 April 2026, with the distribution remaining payable to existing units only, prior to the issuance of new units.
DBS Bank, J.P. Morgan Securities Asia, Oversea-Chinese Banking Corporation, and United Overseas Bank will act as joint global coordinators, bookrunners, and underwriters for both offerings, with Mizuho Securities joining as a bookrunner and underwriter.
The underwriting agreement obliges underwriters to subscribe for any unsubscribed units, the filing stated.
CLAR intfinishs to deploy the proceeds to finance recent and pfinishing acquisitions, including $113.6m for three Singapore industrial and logistics properties, $57.9m for a logistics property in Ohio, US, $108.6m for six logistics properties in Spain.
Other allocations include a $214.8m for a logistics estate in Singapore, $93.5m for a 50% interest in a Singapore business park, and $188.3m for a 49% interest in a data centre in Osaka, Japan.
Smaller amounts will support potential acquisitions in Singapore and cover fees and expenses, the filing added.
The fund raising is expected to reduce CLAR’s aggregate leverage from approximately 39% to 34.5%, assuming net proceeds are applied to repay debt. Including recent and pfinishing acquisitions, pro forma leverage would be around 39.7%.
The issuance of at least 369.4 million new units, representing roughly 8% of total units, is expected to improve liquidity.
Private placement units are slated to list on the Singapore Exmodify Securities Trading Limited on 2 April 2026, whilst the preferential offering will open on 7 April and close on 15 April, with trading expected from 23 April.
Certain jurisdictions, including the US, UK, European Economic Area, Hong Kong, Malaysia, Thailand, Canada, Japan, and Australia, are excluded.
CLAR management and CLI RE Fund Investments have provided irrevocable undertakings to subscribe for their respective allocations in the preferential offering.
This equity fund raising follows a $500m private placement completed in May 2025, which funded previous acquisitions and debt repayment, the filing stated.
Leave a Reply