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Ascendas REIT (A-Reit) announced earlier this week that it will issue S$300 million worth of subordinated perpetual securities which pay a distribution at the rate of 4.75 percent.
According to Ascendas Funds Management (S) Limited, its manager, the net proceeds will be used “to partially fund the acquisition of a portfolio of logistics properties in Australia or for any other purpose as the Manager may in its absolute discretion deem fit in the interest of A-REIT.”
A-REIT has been assigned an “A3” issuer rating and the securities are expected to be rated Baa2 by Moody’s Investors Service, Inc.
Notably, the securities are set to be issued on or around 14 October 2015, subject to the satisfaction of customary closing conditions.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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