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Sign in Sign up for a FREE subscriptionSingapore’s Frasers buys stake in PGIM Real Estate Asia Retail fund
Frasers Centrepoint Trust (FCT) has entered into agreements to acquire a 17.1 percent stake in PGIM Real Estate Asia Retail Fund for S$342.5 million ($352.49 million).
FCT’s wholly owned subsidiary, FCT Holdings has entered into 12 agreements with certain shareholders of the fund to purchase 90,346 shares, representing a 17.1312 percent stake in the fund.
The open-end PGIM Real Estate Asia Retail Fund is one of the largest nonlisted retail mall funds in Singapore. It owns and manages six retail malls in Singapore — Tiong Bahru Plaza, White Sands, Liang Court, Hougang Mall, Century Square and Tampines 1 — and office property Central Plaza, as well as four retail malls in Malaysia.
The deal is expected to close during the fourth quarter 2019.
