Frasers Centrepoint Trust to acquire remaining stake in AsiaRetail Fund for $770m

Frasers Centrepoint Asset Management (FCAM) has acquired the remaining approximately 63.1 percent of the total issued share capital of AsiaRetail Fund (ARF) for approximately S$1.057 billion ($770 million).

The seller was a wholly owned subsidiary of Frasers Property Ltd., the sponsor of Frasers Centrepoint Trust (FCT).

Richard Ng, CEO of FCAM, said, “This transaction is a follow-through of our strategy to increase FCT’s stake in ARF. We acquired the initial 17.1 percent stake in ARF in April 2019, followed by acquisitions of additional interest that increased FCT’s stake to the current 36.9 percent when the opportunity presented itself. The acquisition of the remaining 63.1 percent stake is the final step to carry that strategy to fruition.”

Upon completion of the transactions, FCT’s retail properties in its portfolio will increase from seven to 11, and its net leasable area will expand by about 64 percent to 2.3 million square feet, placing FCT among