CCT proposes raising S$220m from private placement to fund German acquisition

CAPITALAND Commercial Trust has proposed a private placement of between 104.51 million and 107.68 million new units to eligible institutional, accredited and other investors at an issue price of between S$2.043 and S$2.105, to raise about S$220 million.

Of the S$220 million to be raised, the bulk - S$216.7 million - would be used to partially fund the acquisition of a 94.9 per cent interest in the holding companies of a freehold office building in Frankfurt, Germany. This acquisition was announced on Wednesday morning. The manager believes that the private placement is an overall efficient and beneficial method of raising funds to partially finance the acquisition.

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