Frasers Centrepoint Trust (FCT) is acquiring the remaining portion of Northpoint City South Wing shopping centre in Singapore for S$1.17bn (€809m).
The sellers are Frasers Property, its controlling shareholder, Thai billionaire Charoen Sirivadhanabhakdi and the estate of his late wife.
The transaction will comprise S$375.2m for the acquisition price and a debt component of S$785m. The trust is raising a total of S$400m - S$200m each from an equity raise and a private placement offering. The balance will be debt-funded.
The acquisition will make FCT the largest suburban retail landlord in Singapore lifting its market share from from 9.1% to 10.3%.
Richard Ng, CEO of Frasers Centrepoint Asset Management, said: “With the acquisition, FCT will have 100 ownership of both North Wing and South Wing that together form Northpoint City.
“With full control, FCT will be able to implement holistic asset enhancement initiatives and tenant mix strategies to unlock further value across both wings.”
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