Keppel REIT raises $113m for Sydney Top Ryde City purchase

The placement was about three times covered due to strong demand.

Keppel Reit Management Limited has raised $113m via private placement for its majority purchase of Top Ryde City Shopping Centre in Sydney, Australia.

The placement was about three times covered with strong demand from new and existing unitholders globally, comprising institutional and accredited investors.

The issue price per unit stood at $0.983, about a 4.6% discount to the volume-weighted average price of $1.0304 per unit of all trades from Tuesday until the agreement was signed on Wednesday.

The trading of about 115 million new units is expected to commence on 17 October.

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