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.