SINGAPORE - Capitaland Retail China Trust (CRCT) said on Thursday (Dec 7) it has obtained in-principle approval from the Singapore Exchange (SGX) for the listing of new units from its upsized S$103.8 million private placement of new units at S$1.612 apiece.

Some 64.4 million new units will be issued, with aggregate gross proceeds amounting to S$103.8 million. CRCT also said that the private placement has been over-subscribed and that the upsize option has been exercised in full.

The new units will start trading on SGX at 9am on Thursday.

The China-based mall real estate investment trust (Reit) will use about S$101.7 million of the proceeds to help fund a joint acquisition of Rock Square mall in Guangzhou, China. The remaining S$2.1 million will be used to pay placement-related expenses.

The placement price of S$1.612 per unit represents a discount of approximately 3.5 per cent to the counter's volume weighted average price of S$1.6707 per unit on Nov 28, 2017, the date on which the placement agreement between CapitaLand Retail China Trust Management and DBS Bank was entered into.

CRCT closed down two Singapore cents, or 1.26 per cent at S$1.57 per unit on Wednesday.

DBS Bank is the sole bookrunner and underwriter for this private placement.