SPH REIT to raise $161.5m via private placement

Net proceeds will be used to fund a shopping centre acquisition in Australia.

SPH REIT has put 156,645,000 new units for sale via a private placement with an issue price set between $1.031 and $1.075 per new unit, to raise gross proceeds of no less than $161.5m, the company announced.

The net proceeds will be used to partially fund the proposed acquisition of a 50% interest in Westfield Marion Shopping Centre located in South Australia.

The company has also named the eligible buyers of the private placement which are institutional, accredited and other investors.

Books for the entitlement to the cumulative distribution will be closed on Friday, 29 November at 5 pm, whilst listing of new units pursuant to the private placement will be on Monday, 2 December at 9 am.