Singapore-listed Frasers Centrepoint has invested S$132.2m (€93m) to acquire a further 10% holding in the Waterway Point retail centre.
Frasers Centrepoint has bought the stake in Sapphire Star Trust (SST), which Waterway Point in Punggol from Sekisui House to lift its stake to 50% in the suburban shopping centre.
Richard Ng, CEO of Frasers Centrepoint Asset Management, said: “This acquisition is in line with our growth strategy to generate long-term returns for the trust.”
He said the centre had performed “consistently well” as it was located in a catchment area that was “growing and vibrant”.
To read the latest edition of the latest IPE Real Assets magazine click here.