MACARTHURCOOK Industrial REIT's initial public offering on the Singapore Stock Exchange is 3.3 times subscribed by institutional and other investors.
The placement of 247,330,000 units at an offering price of $S1.20 per Unit comprised 239,830,000 Units to institutional and 7.5 million units to public subscriptions.
MI-REIT raised a total of $S312.5 million from the IPO and the issue of the Partnership Units and the MCK Units.
In total, applicants applied for an aggregate of 279,572,000 Units. Indications of interest for the Placement amounted to approximately 533,396,000 Units as at the close of the book-building exercise – as compared with the 239,830,000 Units available for Placement – which represented approximately 2.2 times the Units available under the Placement.
MI-REIT’s chief executive Chris Calvert said the listing marks only the beginning for MI-REIT.
Separate from the IPO, certain vendors of the properties forming the initial portfolio of MI-REIT have signed separate subscription agreements with the manager to subscribe for an aggregate of 7,100,000 Units at the Offering Price. These parties are C.S. Graphics Pte Ltd, Kim Teck Leong (Pte) Ltd, Sin Hwa Dee Foodstuff Industries Pte Ltd, Aalst Chocolate Pte. Ltd., E-HUB Metals Pte. Ltd. and CIT Cosmeceutical Pte. Ltd.
MacarthurCook Limited, which will hold 92.5% in the Manager of MI-REIT, has also signed a subscription agreement with the manager to subscribe for 6,000,000 Units at the Offering Price.
“Moving forward, we will continue to focus our resources on identifying and acquiring more industrial properties in
“We aim to have a minimum of 40% of MI-REIT’s portfolio located in
Australian Property Journal
