Frasers Centrepoint Trust Pays $141m to increase stake in PGIM fund

Frasers Centrepoint Trust (FCT) is acquiring an additional 12.07 percent stake, totaling 36.89 percent, in PGIM Real Estate Asia Retail Fund (ARF) for A$197.2 million ($141 million), in line with plans to bolster its presence in Singapore’s suburban retail sector reported Straits Times. Previously, the firm held a 24.82 percent interest in ARF, through its wholly-owned subsidiary FCT Holdings.

ARF is an open-end private-investment vehicle set up as a company, and the largest nonlisted retail mall fund in Singapore. It owns five shopping malls near MRT stations — Tiong Bahru Plaza, White Sands, Hougang Mall, Century Square and Tampines 1; the Central Plaza office property in Singapore; and one retail mall in Malaysia.