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Frasers Centrepoint Trust acquires Changi City Point for $305m

Published on Apr 8, 2014 11:25 PM

Frasers Centrepoint Trust (FCT) is acquiring Changi City Point for $305 million.

With this injection, FCT will have six suburban retail malls in its portfolio and the total value of its assets will rise 14 per cent to $2.4 billion.

Frasers Centrepoint Asset Management, the manager of FCT, intends to finance the acquisition with a combination of equity and debt financing. Equity financing may be in the form of a private placement of new FCT units.

The seller is Ascendas Frasers, a 50-50 joint venture between FCT's sponsor, Frasers Centrepoint Limited, and Ascendas Development.

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