Frasers Centrepoint Trust plans to acquire a 6 and two-thirds percent stake in Waterway Point mall for S$86.6 million, in a deal which would bring its total interest to 40 percent, the trust said in a filing to SGX Friday.
“This acquisition is aligned with our strategy of increasing FCT’s market share in Singapore’s suburban retail sector,” Richard Ng, CEO of Frasers Centrepoint Asset Management, the trust’s manager, said in the statement.
“We are growing our stake in Waterway Point as it is a popular retail hub that is set to benefit from the growing population and exciting developments in the surrounding Punggol precinct. This positions Waterway Point well to deliver long-term growth and good returns for FCT and its unitholders,” Ng said.
The purchase consideration includes the pro rata share of a bank loan owed by Sapphire Star Trust, which holds the Waterway Point stake, the filing said.
The trust plans to finance the acquisition with a combination of debt and internal sources, the filing said.
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