Ascott REIT rights issue 1.8 times subscribed

SINGAPORE (April 5): The manager of Ascott Residence Trust announced its rights issue was 1.8 times subscribed.

In a filing on Tuesday night, the manager said valid acceptances and excess applications representing a total of 874.6 million right units were received at the close of the rights issue on March 31 compared to 481.7 million rights units available under the rights issue.

The valid acceptances received include the acceptances by The Ascott, through its wholly-owned subsidiaries, being Somerset Capital and Ascott Residence Trust Management.

On March 7, Ascott REIT launched a fully underwritten renounceable rights issue to raise S$442.7 million (RM1.4 billion).

The proceeds will be used to partly fund Ascott REIT’s acquisition of its first property in Frankfurt and its second in Hamburg from The Ascott for €65.4 million (S$97.2 million).

Units of Ascott REIT closed at 0.5 Singapore cent higher at S$1.095 on Tuesday before the announcement. —

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