FHT turns down offer to acquire Capri by Frasers, citing strategy mismatch

The property has a 45-year lease remaining under JTC.

Frasers Hospitality Trust (FHT) has passed on an offer from its sponsor, Frasers Property Limited, to acquire interests in Capri by Frasers at Changi City.

In a bourse filing, FHT's managers said the REIT would not exercise the first right of refusal over the property.

"The managers have considered the opportunity and are of the view that acquiring the property does not meet Frasers Hospitality Real Estate Investment Trust’s prevailing investment strategy," the managers said.

Capri by Frasers has a 45-year lease remaining under JTC. The property is a 12-storey hotel under the "Capri by Frasers" brand.

"The managers will continue to explore opportunities from both the Sponsor and third parties, which are in line with Frasers Hospitality Trust’s investment strategy," the managers concluded.