Waterway Point, of which a stake is being acquired by Frasers Centrepoint Trust. (Photo: REITsWeek)

Singapore retail REIT, Frasers Centrepoint Trust (FCT) is acquiring a ⅓ stake in Waterway Point for SGD433 million, and is conducting an equity fundraising exercise for the transaction.

The REIT will effect the purchase by acquiring shares in an entity holding an interest in the property, a stake in the entity’s trustee-manager, and a stake in a unitholder’s loan.

FCT’s total outlay for the transaction is estimated at SGD440.6 million, including acquisition related fees and expenses.

Waterway Point is a 4-storey suburban family and lifestyle shopping mall in Punggol with 371,200 square feet of net lettable area (NLA).

It has a weighted average lease expiry (WALE) of 1.8 years by gross rental income, and 1.89 years by NLA.

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By Shariffa Al-Habshee

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