Frasers Centrepoint Trust property in Yishun, Northpoint Shopping Centre. (Photo: REITsWeek)Frasers Centrepoint Trust property in Yishun, Northpoint Shopping Centre. (Photo: REITsWeek)

Singapore-listed retail REIT Frasers Centrepoint Trust announced on 16 November that it has completed the acquisition of selected units at 51 Yishun Central 1.

The property is more commonly known as the Yishun 10 Cinema Complex, and the acquired units are namely #01-01 to #01-09.

Yishun 10 Cinema Complex is adjacent to the REIT’s current property, Northpoint Shopping Centre.

The REIT first announced on 4 November that it was acquiring the strata units from Goldvein Trading and Bon-Food for SGD37.75 million (USD26.6 million).

“This acquisition aligns well with our long term value creation strategy for Northpoint”, said Dr Chew Tuan Chiong, CEO of the REIT’s manager, in a statement on the acquisition then.

Tenure for the units is 99 years commencing 1 April 1990, and occupancy as at 30 September 2016 was at 99.5%.

The REIT also announced on the same day that it has appointed Frasers Centrepoint Property Management Services as property manager of the newly acquired strata units.

Units of Frasers Centrepoint Trust finished the trading day about 0.7% higher from its previous close on the Singapore Exchange to end at SGD1.955.

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.