IREIT Global raises $75.9m in preferential offering

The preferential offering was 134.7% subscribed. 

SGX-listed IREIT Global’s preferential offering was 134.7% subscribed, raising $75.9m gross proceeds.

In a bourse filing, the REIT said it will use the proceeds raised from the preferential offering to “fund the acquisition of a portfolio of 17 retail properties located across France which are fully let to B&M France SAS.”

IREIT issued 186,098,518 units under its preferential offering for $0.408 per preferential offering unit.

“The issue price represents a discount of approximately 9.6% to the volume weighted average price of S$0.4515 per unit on 19 June 2023,” IREIT explained.

As at the close of the Preferential Offering on 11 July 2023, IREIT received valid acceptances and excess applications totalling approximately 250.7 million preferential offering units.