Frasers Centrepoint Trust acquires Changi City Point for $305m

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.

Changi City Point is a three-storey, multi-tenanted retail mall located in Changi Business Park, near the Singapore Expo.

The mall, which began operations in November 2011, has a total net lettable area of 207,237 square feet.

Tenants include Cold Storage supermarket, Gain City, Nike, Tung Lok Signatures, McDonald's and a wide selection of food & beverage outlets and food courts.

The occupancy of the mall as at Feb 28 was 97.8 per cent.

Follow ST on LinkedIn and stay updated on the latest career news, insights and more.