Singapore’s first UK-focussed commercial vehicle, Elite Commercial REIT, has raised £28m (€32.5m) in a preferential offering.

SGX-listed trust Elite, which owns a portfolio of 155 buildings as of 30 June 2023 across the UK,  priced preferential offering units at £0.27 each, representing a discount of 10% to the volume weighted average price of £0.30 per unit on 18 December 2023.

Elite Partners Holdings and Sunway RE Capital, both sponsors of the trust, and other substantial shareholders including Ho Lee Group Trust, and Partner Reinsurance Asia, along with Partner Reinsurance Company and Partner Reinsurance Europe SE subscribed to the issue.

Joshua Liaw, chief executive officer of the manager, said:  “As we forge ahead to position Elite REIT for growth, reinforcing our capital structure is our near-term focus.

”With the successful completion of the preferential offering, we are turning our attention next to the refinancing task at hand, extending Elite REIT’s leases, and future phases of growth.”  

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