Cache Logistics inks sale and purchase deal with Precise Development

70m new units up for grabs at S$1.24-S$1.265 apiece.

According to OCBC Investment Research, Cache Logistics Trust (CACHE) has exercised the call option and entered into the S&Pagreement with Precise Development Pte Ltd to acquire the fully ramp-up warehouse known as Precise Two last evening.

Here's more:

Separately, CACHE is proposing to carry out a private placement of 70m new units to institutional and other investors at an issue price of S$1.24-S$1.265 apiece.

About S$86.8m in gross proceeds are expected to be raised (based on S$1.24 issue price), of which 66.0% (~S$57.3m) will be used to
wholly fund the proposed acquisition of Precise Two, while the balance will be deployed to fund future investments or pare down debt.

We understand that the issue price will be determined by today. An advanced distribution of ~2.12 S cents per unit is also expected to be paid to entitled unitholders around 26 Apr.

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