Moody's Investors Service has confirmed the Baa1 issuer rating of Frasers Centrepoint Trust (FCT).

The confirmation concludes a review that Moody’s has undertaken on the retail-focused REIT, following revelations that it has entered into sale and purchase agreements to acquire a 17.13% stake in PGIM Fund.

In May 2019, the REIT also announced that it will be acquiring a one-third interest in Waterway Point for SGD433.3 million from its sponsor, Frasers Property Limited.

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

To fund the acquisitions, FCT has already carried out a private placement, and raised around SGD369.6 million from the exercise.