<article>Frasers Commercial Trust (FCOT) has raised S$142.1 million from a private placement of 96 million units at an issue price of S$1.48 per for every new unit, the company <a style="color: #000080;" href="http://infopub.sgx.com/FileOpen/FCOT_Media_Release_Placement_Results.ashx?App=Announcement&amp;FileID=361426" target="_blank">said</a>.</article>

Frasers Commercial Trust (FCOT) has raised S$142.1 million from a private placement of 96 million units at an issue price of S$1.48 per for every new unit, the company <a style="color: #000080;" href="http://infopub.sgx.com/FileOpen/FCOT_Media_Release_Placement_Results.ashx?App=Announcement&amp;FileID=361426" target="_blank">said</a>.
The issue price was at the top end of the price range, and the private placement was upsized 14.3 per cent to S$142.1 million, after FCOT received strong demand from existing and new institutional investors, the company added.
“The net proceeds from the private placement amount to approximately S$140.2 million, of which S$122.7 million will be used to part finance the acquisition of 357 Collins Street in Melbourne, Australia and the remaining proceeds of S$17.5 million will be used to pay down existing debt and/or for general working purposes,” the company said in its regulator filing.
In April, Frasers Commercial Trust had announced that it had entered into a conditional sale and purchase agreement with <a style="color: #000080;" href="http://www.australand.com.au/">Australand Property Holdings</a> to acquire a Melbourne commercial property worth A$222.5 million (S$232 million), its first foray in the Melbourne CBD office market.
The Melbourne acquisition, located at <a style="color: #000080;" href="https://www.google.com.sg/maps/place/357+Collins+St,+Melbourne+VIC+3000,+Australia/@-37.8167859,144.9625448,17z/data=!3m1!4b1!4m2!3m1!1s0x6ad642b4a1ff1fab:0xeaca47a8fd4d808">357 Collins Street</a>, is slated to increase FCOT’s portfolio size by 14.2 per cent. This will give a post-money valuation of S$2 billion ($1.5 billion). This specific property asset is a 25-storey freehold office building with a total net lettable area of 31,920 square metres (sq m), which includes retail space of 1825 sq m.
Related Story: <a style="color: #ff0000;" title="FCOT to acquire Melbourne property &amp; develop China Square hotel" href="http://www.dealstreetasia.com/stories/fcot-to-acquire-melbourne-property-and-develop-china-square-hotel-5664/" rel="bookmark">FCOT to acquire Melbourne property &amp; develop China Square hotel</a>

Frasers Commercial Trust (FCOT) has raised S$142.1 million from a private placement of 96 million unites at an issue price of S$1.48 per for every new unit.

FCOT to sell 96m new units to fund Melbourne property acquisition

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FCOT to sell 96m new units to fund Melbourne property acquisition

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