Waterway Point, in Punggol. Frasers Centrepoint Trust has acquired a stake in the mall. (Photo: REITsWeek)

A private placement exercise that was launched by Frasers Centrepoint Trust (FCT) to partially fund the acquisition of a stake in Waterway Point was 2.3 times subscribed by institutional, and other accredited investors.

Against this backdrop, the retail REIT’s placement has been priced at the top end of the indicated issue range of between SGD2.30 and SGD2.382 per new unit.

FCT announced on 16 May that it is acquiring a ⅓ stake in Waterway Point for SGD433 million.

Related: Frasers Centrepoint Trust to issue 184 million new units for stake in Waterway Point

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By Shariffa Al-Habshee

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