SOILBUILD BUSINESS SPACE REIT
SV3U.SI
Soilbuild REIT - Details of preferential offering timeline
- As a follow up to Soilbuild Business Space REIT’s (Soilbuild REIT) pro-rata non-renounceable preferential offering to its existing unitholders, it has received approval in-principle from SGX-ST for the listing and quotation of up to 94.4m new units (to be issued at S$0.63 per new unit).
- The indicative preferential offering books closure date is on 5 Sep 2016 at 5pm, while the opening and closing dates for the offering are 8 Sep and 19 Sep, respectively.
- As a recap, gross proceeds of ~S$59.4m (net proceeds of S$59.2m) are expected to be raised to partially fund the proposed acquisition of Bukit Batok Connection from its sponsor.
- We had raised our FY17 DPU projection by 0.9% on 22 Aug as a result of this transaction, and reiterate our view that unitholders should subscribe to the preferential offering.
- Fundamentally, we have a BUY on Soilbuild REIT with a fair value estimate of S$0.78.
Wong Teck Ching Andy CFA
OCBC Investment
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http://www.ocbcresearch.com/
2016-08-30
OCBC Investment
SGX Stock
Analyst Report
0.780
Same
0.780
