Frasers Centrepoint Trust property, Causeway Point. (Photo: REITsWeek)

Frasers Centrepoint Trust (FCT), has entered into conditional sale and purchase agreements to acquire a 17.1312% stake in PGIM Real Estate AsiaRetail Fund Limited.

The Singapore-listed retail REIT will acquire 90,346 shares in the capital of the fund, for approximately SGD342.5 million (USD254 million).

PGIM Real Estate AsiaRetail Fund is an open-end private investment vehicle that owns and manages Tiong Bahru Plaza, White Sands, Liang Court, Hougang Mall, Century Square, Tampines 1, and office property Central Plaza.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.