Frasers Centrepoint Trust reports higher income after upgrading of Causeway Point

FIRST quarter distributable income rose 4.3 per cent at Frasers Centrepoint Trust (FCT) on higher revenue from Causeway Point after renovation works were completed.

Distributable income at the real estate investment trust was $20.6 million for the three months to Dec 31, up from $19.8 million a year earlier.

Gross revenue increased 5.0 per cent to $40 million.

Distribution per unit rose 4.2 per cent to2.5 cents, to be paid out on Feb 28.

"(The) performance of FCT's portfolio is expected to remain stable," said Dr Chew Tuan Chiong, chief executive the Reit manager.

"Following the successful completion of asset enhancement for Causeway Point, the next growth catalyst for FCT is likely to come from acquisitions of pipeline assets."

Net asset value per unit was $1.77 at Dec 31, unchanged from Sept 30. FCT's units rose one cent to $1.79 on Tuesday.

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