Singapore-listed retail REIT Frasers Centrepoint Trust (SGX:J69U) will acquire shopping mall Changi City Point for SGD305 million. The matter was revealed in an announcement made by the managers of the REIT on 8 April.

Should the acquisition materialise, the number of properties managed under the REIT will stand at six suburban retail malls with a total asset size of SGD2.4 billion.

Changi City Point is a three-storey, multi-tenanted shopping centre with one basement level. It is located in Changi Business Park and sits one station away from Singapore’s Changi Airport. The mall, which commenced operations in November 2011, has a total net lettable area of
207,237 square feet and has an occupancy of 97.8% as of 28 February.

Frasers Centrepoint Trust has indicated that it may partly fund the purchase via a private placement exercise of new units in the REIT while the rest will be raised via debt financing.