Mapletree Greater China Commercial Trust places S$330m of units at S$1.06 each

SINGAPORE - Mapletree Greater China Commercial Trust (MGCCT) has raised S$330.3 million from a placement of 312 million units at S$1.06 apiece, near the middle of price talk.

The property trust had indicated a price range of S$1.043 to S$1.081 per unit on Wednesday night (April 25).

The final price represents a 3.2 per cent discount to the volume-weighted average price (VWAP) of S$1.0953 per unit in MGCCT on Wednesday, adjusted to exclude a 4.529 Singapore cents per unit distribution that has been declared. Without the adjustment, the issue price is a 7.1 per cent discount to Wednesday's volume-weighted average price of S$1.1406.

In a pre-market filing on Thursday, MGCCT said that the private placement was approximately 2.4 times covered.

The joint global co-ordinators and bookrunners are Citigroup Global Markets Singapore, DBS Bank, and The Hongkong and Shanghai Banking Corporation Limited, Singapore.

Mapletree Greater China Commercial Trust Management intends to use the proceeds to finance part of the total acquisition cost relating to six freehold commercial real estate assets located in Tokyo.

MGCCT closed 3 cents lower at S$1.13 on Wednesday.