Investors in Asia, Europe and the U.S., looking for a vehicle to fight
inflation, have over-subscribed India's first real estate investment
trust. Singapore Stock Exchange-listed Ascendas India Trust (a-iTrust)
closed when it reached $81.3 million (Singapore $100 million).The trust was initially looking to raise $70 million Singapore dollars. (One Singapore dollar equals 81 cents US)
The private placement is offering new units in a-Trust. at 72 Singapore cents per unit. The joint placement agents were Citigroup Global Markets Singapore Pte. Ltd and DBS Bank Ltd.
According to the company's statement, the placement saw strong participation from Asian, U.S. and European investors and was about 2.6 times subscribed based on the upsized issue of S$100 million or 139 million New Units. The new units represent 18 per cent of existing units.
