Prime US REIT redeploys placement proceeds into capex and tenant incentives

Prime US REIT ( (SG:OXMU) ) has shared an announcement.

Prime US REIT has provided an update on the deployment of proceeds from its earlier US$25 million private placement of 129,199,000 new units. The manager has redirected a substantial portion of previously debt-repaid funds back into the business to support capital expenditure and to strengthen its tenant relationships in the U.S. commercial property portfolio.

An additional US$13.4 million, representing 53.6% of the gross placement proceeds, has been used to finance capital expenditure, tenant incentives and leasing costs aimed at securing new tenants, retaining existing tenants and fulfilling current tenant obligations. The manager has also applied a further US$0.1 million, or 0.4% of the proceeds, to cover estimated professional and other expenses related to the private placement, in line with its previously stated allocation plan.

The most recent analyst rating on (SG:OXMU) stock is a Hold with a $0.22 price target. To see the full list of analyst forecasts on Prime US REIT stock, see the SG:OXMU Stock Forecast page.

More about Prime US REIT

Prime US REIT is a Singapore-constituted real estate investment trust focused on owning and managing income-producing commercial properties in the United States. Managed by Prime US REIT Management Pte. Ltd., the trust invests in U.S. office and related assets, targeting stable rental income from a diversified base of corporate tenants in key U.S. markets.

Average Trading Volume: 2,211,798

Technical Sentiment Signal: Buy

Current Market Cap: $309.1M

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