Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

Philippines Real estate / Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/ireit-global" target="_blank" data-smartkarma-citation="entities:10596" rel="noopener">IREIT Global (IREIT SP)</a> to raise S$126.7m from proposed equity fund raising      </h3><ul><li>IREIT is proposing an equity fund raising comprising an offering of new units to raise gross proceeds of ~S$126.7m. The proposed EFR will be comprised of a non-underwritten placement of 11,372,868 new units to Bond Capital Partners at an issue price of S$0.6155/new unit, which is expected to raise gross proceeds of ~S$7m. In addition, an underwritten pro rata and non-renounceable preferential offering of 201,137,870 new Units on the basis of 214 new units for every 1,000 existing units to be held on 29Jun21 to eligible unitholders at an issue price of S$0.595/new unit to raise gross proceeds of ~S$119.7m. IREIT intends to use part of the net proceeds to partially finance the total acquisition cost of ~S$195.7m (~EUR122.3m) in connection with the proposed acquisition of a portfolio of 27 retail properties located in France</li><li>The aggregate percentage unitholding of City Strategic Equity (CSEPL) and its concert parties is expected to decrease from 50.8% to 50.2% after the Placement. Assuming that CSEPL is allocated in full its application for the Excess Preferential Offering Units, CSEPL would hold 25.8% (comprising 297,207,061 Units) and, assuming that each of CSEPL’s concert parties only takes up their respective provisional allotments, CSEPL and its concert parties would hold 55.3%</li><li>As the unitholding of CSEPL and its concert parties does not fall below 50% after the Placement and CSEPL would not individually hold 30% or more of the Units even if CSEPL is allocated in full its application for the Excess Preferential Offering Units, accordingly, the requirement to make a mandatory general offer pursuant to Rule 14 of the Singapore Code of Take-overs and Mergers will not be triggered. For the avoidance of doubt, Tikehau Capital, CSEPL, AT Investments and IGGPL, among others, will rank last in the allocation of Excess Preferential Offering Units applications.</li></ul>

SingaporeIREIT Global (IREIT SP) to raise S$126.7m from proposed equity fund raising      IREIT is proposing an equity fund raising comprising an offering of new units to raise gross proceeds of ~S$126.7m. The proposed EFR will be comprised of a non-underwritten placement of 11,372,868 new units to Bond Capital Partners at an issue price of S$0.6155/new unit, which is expected to raise gross proceeds of ~S$7m. In addition, an underwritten pro rata and non-renounceable preferential offering of 201,137,870 new Units on the basis of 214 new units for every 1,000 existing units to be held on 29Jun21 to eligible unitholders at an issue price of S$0.595/new unit to raise gross proceeds of ~S$119.7m. IREIT intends to use part of the net proceeds to partially finance the total acquisition cost of ~S$195.7m (~EUR122.3m) in connection with the proposed acquisition of a portfolio of 27 retail properties located in FranceThe aggregate percentage unitholding of City Strategic Equity (CSEPL) and its concert parties is expected to decrease from 50.8% to 50.2% after the Placement. Assuming that CSEPL is allocated in full its application for the Excess Preferential Offering Units, CSEPL would hold 25.8% (comprising 297,207,061 Units) and, assuming that each of CSEPL’s concert parties only takes up their respective provisional allotments, CSEPL and its concert parties would hold 55.3%As the unitholding of CSEPL and its concert parties does not fall below 50% after the Placement and CSEPL would not individually hold 30% or more of the Units even if CSEPL is allocated in full its application for the Excess Preferential Offering Units, accordingly, the requirement to make a mandatory general offer pursuant to Rule 14 of the Singapore Code of Take-overs and Mergers will not be triggered. For the avoidance of doubt, Tikehau Capital, CSEPL, AT Investments and IGGPL, among others, will rank last in the allocation of Excess Preferential Offering Units applications.

ASEAN Builder's Scoop (23Jun21) - IREIT Proposes ~S$127m EFR