SINGAPORE - Frasers Centrepoint Trust (FCT) has acquired the retail podium of Yishun 10 Cinema Complex from Goldvein Trading and Bon-Food, its trust manager said on Friday.
The 10 strata-titled retail units on the ground floor of Yishun 10 Cinema Complex were acquired for S$37.8 million.
The sum will be paid in cash to Goldvein Trading and Bon-Food on completion of the acquisition.
Goldvein Trading and Bon-Food are wholly-owned Singapore subsidiaries of mainboard-listed Bonvests Holdings.
Trust manager Frasers Centrepoint Asset Management said in a statement that the purchase price "was arrived at on a willing-buyer and willing-seller basis after taking into account the location, occupancy and rental income generated by the retail podium".
The retail units have an aggregate nett lettable area of 10,413 square feet, with an occupancy of 99.5 per cent as at 30 September 2016.
Dr Chew Tuan Chiong, chief executive of the trust manager, said: "Yishun 10 is strategically located next to FCT's Northpoint Shopping Centre. This acquisition aligns well with our longterm value creation strategy for Northpoint."
The tenure of retail units is 99 years starting from April 1, 1990.