Ascendas REIT has raised S$452 million through the private placement of 178 new units, at S$2.54 per unit.

Ascendas Reit said it will use S$250 million, or 55.3 per cent of gross proceeds, to partially fund the acquisition of a second UK logistics portfolio comprising 12 properties located in the UK. Some S$109 million, or 24.1 per cent of gross proceeds, will fund the development of a build-to-suit facility in Singapore.

The remainder will be split between funding debt repayment and future acquisitions, and paying fees and expenses incurred in connection with the private placement.