SINGAPORE (March 24): Croesus Retail Asset Management, the trustee manager of Croesus Retail Trust (CRT), has closed its order book for the private placement.
The issue price per new unit is 75 cents.
The company says there was strong participation in the private placement from new and existing institutional investors, including long-only funds and real estate specialists. All told, 70 million new units were subscribed.
The private placement will raise net proceeds of $50.9 million, which will be used to partially fund potential acquisitions of retail assets in Japan, asset enhancement initiatives and for general corporate and working capital purposes.
CRT units closed 4.3% lower at 78 cents.
On Wednesday, the trust launched a private placement of up to 70 million new units at an issue price of between 74.5 and 77 cents per new unit.