SGX-listed Elite UK REIT Management Pte. Ltd. has announced a fully underwritten private placement to raise at least £4m. The placement will issue new units priced between £0.295 and £0.305 to institutional and accredited investors. The proceeds will primarily finance the acquisition of three government-leased properties in the UK.
The private placement, managed by CIMB Bank Berhad, Maybank Securities Pte. Ltd., and RHB Bank Berhad, includes an option to increase the issue size by an additional £4 million, potentially raising total proceeds to £8m. The pricing represents a discount of 10% to 13% on the volume-weighted average price of £0.339 per unit on the Singapore Exchange.
The funds raised will allocate approximately £3.3m to finance the acquisition and associated costs, with £0.7m covering fees and expenses related to the placement. Any remaining funds will be used for general corporate purposes. If the Upsize Option is exercised, additional proceeds may fund future acquisitions, debt repayment, or property enhancements.
The placement aims to enhance trading liquidity and increase the number of units from 596,308,040 to 609,867,440, marking a 2.3% rise. The issuance is under a general mandate approved at the annual general meeting on 30 April 2025. Elite UK REIT will provide updates on fund utilisation through SGXNET announcements.
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