K-REIT Asia completes acquisition of 6 floors of Prudential Tower

K-REIT Asia says it has completed the acquisition of levels 20 to 25 of Prudential Tower located at 30 Cecil Street.

K-REIT Asia says it paid $106 million for the property and the acquisition will be funded by a bridging loan facility of up to $110 million from Kephinance Investment.

K-REIT Asia says the bridging loan is to be repaid from the net proceeds of the underwritten and renounceable rights issue announced by its manager on Sept 30, 2009.

In that rights issue, 666,703,965 rights units in K-REIT Asia were placed out to raise gross proceeds of $620 million.

The rights issue is expected to be completed on Nov 20.

Source: The Edge, 2 Nov 2009