CDLHT launches preferential offering of 231 million stapled securities at S$0.643 apiece
Proceeds will help fund acquisition of lifestyle hotel Moxy Singapore Clarke Quay
CDL Hospitality Real Estate Investment Trust (CDLHT) has launched a preferential offering of 231.4 million new stapled securities, priced at S$0.643 each. Proceeds from the non-renounceable offering, anticipated to raise around S$148.8 million, will be used to partially finance the acquisition of lifestyle hotel Moxy Singapore Clarke Quay for S$468 million.
The hotel, expected to commence operations by the end of Q1 2027, will boast 475 rooms. The remaining funds raised from the offering will cover expenses incurred during the preferential issuance. The issue price is set at a 9.9% discount compared to the volume-weighted average price of S$0.7135 per stapled security. The record date for the offering is November 18 at 5 pm, with the offering opening on November 23 at 9 am and closing on December 1 at 5.30 pm. Listings and trading of the new securities will commence on December 9.
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