Singapore retail REIT, Frasers Centrepoint Trust (FCT) is divesting Anchorpoint Shopping Centre for SGD110 million (USD82 million).

The property will be divested to an unrelated third party.

The sale consideration was negotiated after taking into account the asset’s independent appraised value of SGD110 million as at 15 September 2020.

The expected net proceeds from the divestment is approximately SGD108.8 million, after taking into account divestment related expenses.

The net divestment proceeds may be used to repay debt, or for working capital purposes, said the REIT.

The divestment of the property is expected to be completed by 22 March 2021.

Post divestment, FCT’s Singapore retail portfolio will consist of 10 retail malls with approximately 2.3 million square feet of net lettable area and more than 1,500 leases with a strong focus on essential trades and services.

FCT’s media release on the divestment can be viewed in full here.

FCT was last done on the SGX at SGD2.46, which implies a distribution yield of 3.55% excluding retained dividends, according to data compiled on the Singapore REITs table.