FCT – BT

FCT to buy Northpoint 2, Yew Tee Point for S$290.2 mln

Shopping centre real estate investment trust Frasers Centrepoint Trust (FCT) is planning to buy Northpoint 2 and Yew Tee Point for $164.55 million and $125.65 million respectively.

The trust’s manager has proposed an equity fund raising of up to 152 million new units in FCT to part finance the acquisitions, with the balance to be funded by borrowings.

FCT unitholders will vote on the proposed transactions at an extraordinary general meeting on Jan 25.

FCT chairman Philip Eng said: ‘The proposed acquisitions …reinforce FCT’s positioning as a leading Singapore retail REIT.

With these proposed acquisitions, FCT’s portfolio value will grow to $1.5 billion.

The addition of these two malls would increase FCT’s already strong position in the resilient suburban retail property market and improve income diversification.’