Frasers Centrepoint Trust to buy 2 malls in S’pore for over S$290m

Mainboard-listed Frasers Centrepoint Trust (FCT) plans to acquire two shopping malls in Singapore for S$290.2 million.

It will buy Northpoint 2 and YewTee Point from Yishun Development, a wholly-owned subsidiary of its parent, Fraser and Neave.

FCT is proposing an equity fund raising of up to 152 million new units to partly finance the acquisitions, with the balance to be funded by borrowings. The structure and timing of the equity fund raising is still to be decided.

FCT will pay S$164.55 million for Northpoint 2 and S$125.65 million for YewTee Point.

With the proposed acquisitions, FCT said its portfolio value will grow to S$1.5 billion.

It added that the addition of the two malls would increase its already strong position in the resilient suburban retail property market.

An extraordinary general meeting will be held on January 25 to vote on the latest FCT proposals.

Source : Channel NewsAsia – 7 Jan 2010

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