SINGAPORE - Frasers Centrepoint Trust (FCT) has raised $161.5 million by placing out 88 million new units at $1.835 apiece, its manager Frasers Centrepoint Asset Management (FCAM) said on Friday.

FCL Trust Holdings, a unit of FCT sponsor Frasers Centrepoint, has undertaken to subscribe for 36.2 million units in the placement.

The remaining units drew demand of more than four investors for each available unit, FCAM said.

The issue price of $1.835 per unit represents a discount of about 2.5 per cent to FCT's adjusted volume-weighted average price of $1.882 per unit for trades done on Thursday.

The net proceeds from the placement will be used to partly finance the purchase of Changi City Point, FCAM said.

"We are delighted with the strong investor support for the placement exercise, which demonstrates their confidence in FCT and its growth strategy," said FCAM chief executive Chew Tuan Chiong.