SINGAPORE - CapitaLand Retail China Trust's (CRCT) has raised $154.3 million through a private placement that was three times subscribed in its latest equity fundraising exercise.

It will issue 105 million units at $1.469 apiece, at the top end of its issue price range of $1.428 to $1.469.

The final price represents a 5.2 per cent discount to the trust's Aug 1 closing price of $1.550 on the Singapore Exchange.

Money is being raised through a private placement and a pro rata and non-renounceable preferential offering for unitholders to fund CRCT's purchase of three shopping centres from CapitaLand.

The preferential offering will look to raise $125.1 million and issue about 86.9 million units at $1.440 per unit - also the highest end of a previously set range of $1.420 and $1.440 apiece. The issue price is a 7.1 per cent discount to the trust's Aug 1 closing price of $1.550.

The new units from the private placement will be listed on Aug 14, while the preferential offering opens on Aug 16, with acceptances due by 5pm on Aug 26. Those units will be listed on Sept 3.

In total, CRCT will look to issue 191.9 million new units and raise about $279.4 million, at the top-end of its predicted gross proceeds range of between $273.4 million and $279.4 million.