Frasers Centrepoint Trust Changi City Point

Singapore retail REIT Frasers Centrepoint Trust (FCT) (SGX:J69U) announced on 16 June that it has completed the acquisition of suburban retail mall Changi City Point.

REITsWeek reported on 30 May that FCT had raised SGD161.5 million (USD128.7 million) from the private placement of 88 new million new units to partially fund the property’s acquisition. The units were issued at a price of SGD1.835 each and received strong response from institutional investors.

Managers of FCT subsequently announced today that all of the net proceeds from this placement has been used to part finance the acquisition of Changi City Point. The rest of the SGD305 million price tag for the property will be funded with bank loans.

Units of FCT closed the trading day at SGD1.87 on the Singapore Exchange.

Frasers Centrepoint Trust Changi City Point
Frasers Centrepoint Trust's Changi City Point acquisition is complete.

By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.