The Capital Group Companies Inc. has disposed 4.06 million units of Singapore-listed Retail REIT, Frasers Centrepoint Trust (FCT) (SGX: J69U). The Capital Group Companies Inc. is the parent company of Capital Research and Management Company, a U.S.-based investment management company that manages the American Funds family of mutual funds.
|Frasers Centrepoint looks set to acquire the Changi City Point shopping mall in 2014.|
The disposal was done on the 11 October and effectively ceases the status of Capital Group Companies as a substantial unit holder in the Frasers Centrepoint Trust. The fund manager continues to hold on to, 37,425,000 units, representing a stake 4.54 per cent in the REIT.
News of the disposal comes on the back of news that Frasers Centrepoint is slated to acquire Changi City Point in 2014. A report by DBS has stated that the mall will be acquired by the REIT for a price of S$400 million and will be funded with a mixture of debt and equity.
Units of FCT are currently trading at S$1.85 on the Singapore Exchange