The manager of Frasers Centrepoint Trust (FCT) said on Monday (April 21) that its priority offering had been 24.8% oversubscribed.

The fund manager received applications for 122,584,803 priority offering units, compared with the 98,185,673 units on offer. The fund launched the offering earlier this month at S2.05perunit.Theofferingpricerepresenteda7.42.2136.

The offering was based on the allocation of 54 units for every 1,000 existing units held as at 5 p.m. on April 3, raising a total of about S$201.3 million.

Together with the private placement completed on March 26, FCT has raised a total of S421.3million.Thesizeoftheprivateplacementafterthetop−upwasaboutfourtimesthatoftheinitialoffering,with105.3millionnewunitssoldatanissuepriceofS2.09 per unit.

FCT will use the net proceeds from this financing to repay certain existing debts and help complete the recent acquisition of Northpoint City.

On March 25, FCT signed a unit purchase agreement with FCL Amber and Bright Bloom Capital to acquire the South Wing of Northpoint City for S$1.17 billion. The acquisition was carried out by acquiring all the units of North Gem Trust, a private trust company holding the interests in the South Wing of Northpoint City.

These units are expected to start trading on the Singapore Exchange at 9 a.m. on April 25.

Frasers Cpt Tr jumps 2.71% at 11:19 am, Apr 22nd.