Keppel Reit to raise $119.7m through placement of new units
Keppel Reit is seeking to raise funds for the acquisition of an office building in Australia by selling new units in the trust.
It will place 95 million new units to institutional and other investors at $1.26 apiece, raising gross proceeds of $119.7 million, Keppel Reit Management, the trust's manager, said on Friday.
After deducting placement fees, the net proceeds will amount to about $118.3 million, it added.
This will be used to pay for the 50 per cent stake in 8 Exhibition Street, a Melbourne office building, that Keppel announced it would buy last month.