FTREIT's raises THB 2,090 million in capital increase exercise, exceeding subscription target
Frasers Property Thailand Industrial Freehold & Leasehold REIT or (FTREIT), has raised THB 2,090 million from trust unitholders in its capital raising exercise that was 122% subscribed. In total, 220,000,000 trust units were priced at THB 9.50 per trust unit, offered to members of the general public who are existing trust unitholders by means of the General Mandate.
Mr. Thanarat Boonyakosol, Managing Director of Frasers Property Industrial REIT Management (Thailand) Company Limited or "FIRM", REIT manager of Frasers Property Thailand Industrial Freehold & Leasehold REIT or (FTREIT), said: "We are encouraged by the strong support received from our existing institutional and retail investors. This capital increase exercise was oversubscribed by 122%, with applications received for 220,000,000 units. The result affirms investors' confidence in FTREIT's solid performance and steady growth from our proactive asset management and high performing asset investment expansion."
Currently, FTREIT has been assigned a rating of 'A/Stable' by TRIS rating. FIRM will utilise the raised capital received to repay loans used for the redemption of matured debentures in 2023, maintain the appropriate ratio of FTREIT's interest-bearing debt to total asset value, reduce burden of interest expense, and prepare for investment opportunities in additional potential assets in future.
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