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

Prices for units of Singapore-listed retail REIT Frasers Centrepoint Trust (FCT) (SGX:J69U) traded slightly higher as 88 million new units commenced trading on the main board of the Singapore Exchange on 10 June.

The new units are issued in relation to a private placement conducted by the REIT to raise funds for the acquisition of suburban retail mall Changi City Point. The units were issued at a price of SGD1.835 per unit and raised SGD161.5 million (USD128.7 million) for the property purchase.

Units of FCT traded as high as SGD1.87 just before 3 pm local time before easing to SGD1.865, a rise of some 0.3% from the previous trading day.

REITsWeek reported on 13 May that FCT expects to see a 14.7% rise in net property income (NPI) with the acquisition of Changi City Point.

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.