SINGAPORE - Croesus Retail Asset Management Pte, the trustee-manager of Croesus Retail Trust (CRT), has launched the private placement of 60 million new units in CRT at an issue price of between 74.5 Singapore cents and 77 Singapore cents per new unit (both figures inclusive) to raise gross proceeds of up to S$46.2 million.

In the event that the private placement is oversubscribed, it may decide to increase the size of the private placement and issue up to 10 million additional new units so as to raise up to S$7.7 million of additional gross proceeds.

The trustee-manager sad the private placement will help finance potential acquisitions to grow CRT's existing portfolio and potentially increase the trading liquidity of CRT's units.

In conjunction with the private placement, CRT will als be conducting an advanced distribution from Jan 1, 2016, to April 3, 2016, of an estimated 1.9 Singapore cents per unit to existing unitholders to ensure that the distributable income accrued by CRT up to the day immediately preceding the date of issue of the new units is only distributed in respect of the existing units, and is being proposed as a means to ensure fairness to the holders of the existing units.

Payment of the advanced distribution is expected to be on or around June 29, 2016.