FCT to acquire 10% additional stake at Waterway Point for $73.6m
Post-acquisition, FCT will own 50% of the retail mall.
Frasers Centrepoint Trust (FCT) will acquire an additional 10% stake at Waterway Point for a purchase consideration of $73.6m.
The acquisition was made through a purchase agreement between FCT’s trustee, HSBC Institutional Trust Services and Sekisui House.
Post-acquisition, FCT will own 50% of the retail mall. The acquisition will not have a material effect on the net asset value per unit and distribution per unit of FCT for the current financial year.
“The acquisition is in line with our growth strategy to generate long-term returns for FCT and its unitholders. Punggol is a growing and vibrant precinct, and Waterway Point is well positioned as a retail and services hub to serve the needs of the expanding population,” Richard Ng, CEO of FCT’s manager, said.
FCT’s manager said it aims to finance the total acquisition outlay of $132.3m, which includes the purchase consideration, with a combination of debt and/or internal sources.