MCT closes private placement at $458m

The total gross proceeds of the equity fund raising will be $918.5m.

Mapletree Commercial Trust (MCT) has closed its latest private placement at $458.0m, an announcement revealed. The placement was about seven times covered.

Along with about $460.5m raised from a preferential offering, the total gross proceeds of the equity fund raising is estimated at $918.5m.

Mapletree plans to use most of the gross proceeds from the equity fund raising to partially fund the total consideration of the acquisition of Mapletree Business City (Phase 2).

The issue price per new unit under the private placement was fixed at $2.28, whilst the issue price under the preferential offering was at $2.24 per new unit.

The balance of the total acquisition cost will be funded from the drawdown of the New Loan
Facilities and/or existing loan facilities granted to MCT.