MARKETS & INVESTING, RETAIL | Staff Reporter, Singapore

Frasers Centrepoint secures 33.3% stake in Waterway Point for $240.5m

It launched an equity fund to raise gross proceeds of $437.4m.

Frasers Centrepoint Trust (FCT) has completed its acquisition of a 33.3% interest in suburban mall Waterway Point, a filing with the Singapore Exchange revealed.

Frasers Centrepoint Asset Management launched an equity fund, comprising a private placement of approximately 155.2 million new units in FCT at an issue price of $2.381 apiece, as well as a preferential offering of approximately 28.8 million new units at $2.35 apiece, to raise gross proceeds of $437.4m.

Also read: Frasers Centrepoint Trust's preferential offering oversubscribed

Of these proceeds, approximately $240.5m was utilised to fully finance the total purchase consideration of Waterway Point. Around $4.3m and $2.8m was used to pay for the underwriting fees and expenses incurred in relation to the equity fund raising and acquisition, respectively.

Meanwhile, an approximate $188.7m was used from the private placement to pare down bridging loans taken up by FCT in connection with the acquisition by FCT Holdings (Sigma), a wholly-owned subsidiary of FCT, of a stake in PGIM Real Estate AsiaRetail Fund.

Photo from Frasers Property.

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