Frasers Centrepoint Trust and Frasers Property said Tuesday their stakes in PGIM Real Estate AsiaRetail Fund have risen to a cumulative around 87.9 percent after a total of 69,714 shares in the fund were redeemed Monday.
PGIM Real Estate AsiaRetail Fund, an open-end private investment vehicle, is the largest unlisted retail mall fund in Singapore, and it owns and manages six malls near MRT stations, including Tiong Bahru Plaza, as well as a Singapore office property and four malls in Malaysia.
After the redemption of the shares, which was done under the fund’s by-laws, Frasers Centrepoint Trust’s stake increased to around 24.82 percent from 21.13 percent previously, the REIT said in a filing to SGX.
In a separate filing, Frasers Property said its stake had risen to around 63.11 percent from 53.74 percent previously.
Frasers Property has previously said the acquisition of a stake in the fund was in line with its strategy to increase recurring income sources in one of its key asset classes, which is mainly suburban retail properties in Singapore.
“Suburban retail is an asset class that has demonstrated resilience across property cycles. The investments offer an opportunity for the group to grow its presence in the retail sector in Singapore through exposure to the company’s portfolio of quality retail properties,” Frasers Property said in a March filing to SGX.
PGIM Real Estate AsiaRetail Fund is managed by PGIM Real Estate, part of PGIM, which is Prudential Financials’ global investment management business with more than US$1 trillion under management.
The six Singapore malls owned by PGIM Real Estate AsiaRetail Fund are Tiong Bahru Plaza, White Sands, Liang Court, Hougang Mall, Century Square and Tampines 1, and the office property Central Plaza.