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FRASERS Centrepoint Trust (FCT) , which owns suburban malls in Singapore, said on Thursday that it will buy three properties worth S$480 million ($348 million) in two years, funded mostly through loans as investor appetite for new equity dries up.
'Right now the capital market is not there unfortunately, but the banks are still lending and I've got the debt headroom to go much higher,' Mr Christopher Tang, chief executive officer Frasers Centrepoint Asset Management, told Reuters in an interview.
FCT is acquiring the malls from parent Frasers Centrepoint, the property subsidiary of conglomerate Fraser and Neave , and is prepared to raise its debt gearing from 29 per cent up to 45 per cent to do so, Mr Tang said. -- REUTERS
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