IREIT Announces Rights Issue To Raise S$142.8 Million (US$105.4 Million)
September 21, 2020 – IREIT Global (IREIT), a Europe-focused real estate investment trust, announced that it will be launching a Rights Issue to raise gross proceeds of approximately S$142.8 million (approximately €88.7 million).
This will be mainly used to finance the acquisition of the remaining 60% interest (Acquisition) in a portfolio of four freehold multi-tenanted office buildings located in Madrid and Barcelona, Spain (Spain Properties) from Tikehau Capital and repayment of the CDL Loan.
The Rights Issue comprises an offer of 291,405,597 Rights Units on a renounceable non- underwritten basis to eligible unitholders based on the Rights Ratio of 454 Rights Units for every 1,000 existing units in IREIT at an issue price of S$0.490 per Rights Unit (Issue Price).
The Issue Price represents a discount of approximately 32.9% to the closing price of S$0.730 per Unit on the SGX-ST as of 18 September 2020, and approximately 25.2% to the theoretical ex-rights price (TERP) of S$0.655 per Unit.
Read more here..
Related News
IREIT Global Secures Pivotal Five-Year Lease For Over 3,400 sqm At Il∙lumina Amid Covid-19
