Frasers Centrepoint Trust to acquire additional 24.5% interest in regional shopping mall for $390m
Frasers Centrepoint Asset Management, as the manager of Frasers Centrepoint Trust (FCT), has announced that HSBC Institutional Trust Services has entered into a share purchase agreement with Frasers Property Limited, the sponsor of FCT, to acquire an additional 24.5 percent effective interest in the retail mall NEX for an estimated total acquisition cost of approximately S$523.1 million ($390.56 million).
“The acquisition follows from our initial acquisition of 25.5 percent in NEX in February 2023 and will raise FCT’s effective interest to 50 percent on completion. NEX is an excellent asset with strong financial and operational performance and is a strategic fit to FCT’s prime suburban retail portfolio,” said Richard Ng, CEO of FCT. “This acquisition