FCT to buy Northpoint City South Wing for $1.17b

It is buying all units owned by FCL Amber and Bright Bloom Capital.

Frasers Centrepoint Trust (FCT) is acquiring all units in North Gem Trust (NG Trust) for over $1.17b.

FCT has entered into a unit purchase agreement to acquire the issued units of NG Trust held by FCL Amber Pte. Ltd. and Bright Bloom Capital. FCL Amber and Bright Bloom Capital each hold 50% of units in NG Trust.

The acquisition price of $375.2m will be paid in cash, whilst $11.3m will be the acquisition fee. About $1.4m will be for stamp duties, as well as professional and other fees and expenses.

The remaining $785m are for bank loans owed by NG Trust to certain financial institutions.

NG Trust is a private trust that holds 100% ownership of the retail mall Northpoint City South Wing located at 1 Northpoint Drive, reportedly the largest mall in northern Singapore.

It first opened in 2017 and is part of the Northpoint City in Yishun. It has 301,579 square feet (sqft) in net lettable area over a 2-storey retail complex and 2 basement levels. It is integrated into the Yishun transport hub, including an MRT and bus interchange.

The acquisition will be done through FCT’s manager Frasers Centrepoint Asset Management and its trustee HSBC Institutional Trust Services (Singapore) Limited.

FCT has also entered into a share purchase agreement with Frasers Property Limited, 
the sponsor of FCT, to acquire all the issued share capital of Frasers  Property North Gem Trustee Pte. Ltd., being the trustee-manager of NG Trust.