Frasers Centrepoint Trust unit completes $342.5m-stake buy in PGIM Real Estate AsiaRetail Fund Limited

It raised its stake to 17.13% after entering into 12 deals.

A subsidiary of Frasers Centrepoint Trust, FCT Holdings (Sigma) Pte. Ltd., has completed the acquisition of 17.13% stake in PGIM Real Estate AsiaRetail Fund Limited for $342.5m.

The firm bought 90,346 shares after entering into 12 conditional sale and purchase agreements with PGIM Real Estate AsiaRetail Fund Limited.

Frasers Property also recently raised its stake in PGIM Real Estate AsiaRetail Fund from 29.99% to 47.82% for $601.5m.

The acquisition is said to be in line with Frasers Property’s strategy to grow recurring income sources in one of its key asset classes, which are primarily suburban retail properties in Singapore.

Also read: PGIM Real Estate AsiaRetail Fund's assets could propel Frasers Property's retail mall position