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.
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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