CapitaLand Ascendas Reit (CLAR) has raised $903.5 million in gross proceeds from a private placement and a preferential offering launched on March 24. The proceeds comprise approximately $600 million from the private placement and approximately $303.5 million from the preferential offering.

The placement closed in the early hours of March 25 following an “accelerated book-building process”, the Reit’s manager says in a filing to the Singapore Exchange. It adds that the private placement was oversubscribed, with strong participation from a mix of new and existing unitholders, long only funds, real estate specialists, private wealth and multi-strategy investors.

The issue price for the private placement was fixed at $2.406 per unit, which is at the lower end of the issue price range of between $2.406 and $2.45 per unit. The price represents a discount of approximately 4.2% to the volume-weighted average price (VWAP) as of March 23.

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Meanwhile, the preferential offering’s issue price was fixed at $2.35, representing a discount of about 6.5% to the VWAP.

The gross proceeds raised will be used to partially finance several acquisitions the Reit had announced earlier, comprising industrial assets across Singapore, Japan, the US and Spain. Any balance gross proceeds will be used for general corporate and working capital uses.

The assets being purchased include a portfolio of Singapore assets consisting of 2 Pioneer Sector 1, Tuas Connection and 9 Kallang Sector; DHL Canal Winchester in Ohio, US; and a portfolio of six logistics properties in Barcelona and Madrid, Spain. It also includes the three assets CLAR had announced it was purchasing on March 24: 25 Loyang Crescent, Ascent on Science Park Drive, and a data centre in Great Osaka, Japan.

In addition, the gross proceeds are also earmarked to partially finance two other potential acquisitions in Singapore that the manager is currently assessing.