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

Retail REIT Frasers Centrepoint Trust (FCT) is acquiring an additional 12.07% interest in PGIM Real Estate AsiaRetail Fund (ARF) for SGD197.2 million (USD140 million).

As reported by REITsWeek in February 2019, the REIT first bought into the fund by acquiring a 17.13% interest in the vehicle.

Related: Frasers Centrepoint Trust to buy stake in Prudential-linked property fund

The REIT has since been increasing its stake in the fund, which owns and manages several retail malls across Singapore.

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By Shariffa Al-Habshee

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