SINGAPORE – Mapletree Industrial Trust (MIT) has raised $400 million through an oversubscribed private placement of 176.6 million new units at an issue price of $2.265 per unit, the top end of the issue price range of $2.211 to $2.265.

The issue price represents about a 1.5 per cent discount to the adjusted volume weighted average price (adjusted VWAP) of $2.2985 per unit, and a 2.7 per cent discount to the VWAP of $2.3278 for all trades done on Monday up to the time the placement agreement was signed on Tuesday.

An upsize option was exercised, with 18.3 million new units issued from it out of a maximum of 22.6 million new units.

The private placement was about 6.3 times covered with strong participation from a broad spectrum of investors, including new and existing institutional investors, MIT said in a filing on Wednesday (Sept 18).

The trust called for a trading halt on Tuesday morning, and asked for its lifting on Wednesday morning before market open following the closure of its private placement.

Trading of the new units is expected to commence on or around Sept 26, 9am.

About $393.6 million, or 98.4 per cent of the gross proceeds, will be used to partially fund its joint purchase of a North American data centre portfolio worth U$1.37 billion, which the trust said would cost it about $965 million.

The remaining $6.4 million will pay for fees and expenses related to the private placement.

MIT previously said it wanted to raise at least $350 million from the exercise.