Business
Frasers Centrepoint Trust : To Acquire Northpoint City South Wing For S$1.17 Billion
Frasers Centrepoint Trust : To Acquire Northpoint City South Wing For S$1.17
About this update from Frasers Centrepoint Trust
[{"type":"text","content":"Frasers Centrepoint Trust to acquire Northpoint City South Wing for S$1.17 billion\n Consolidates FCT's position as Singapore's leading prime suburban retail space owner\n Strategic increase in exposure to Northpoint City, the largest mall in the North of Singapore\n 100% ownership unlocks multiple value creation opportunities through AEIs, tenant mix strategies and operational efficiencies\n Northpoint City is well-positioned to benefit from the revitalisation of the North Region of Singapore, underpinned by substantial new home additions and transformation of the region into a work-live-play hub\n The Acquisition is expected to be Distribution per Unit (\"DPU\") accretive on a historical pro forma basis1\n SINGAPORE, 25 MARCH 2025\n Frasers Centrepoint Asset Management Ltd., as the manager of Frasers Centrepoint Trust (\"FCT\" and as manager of FCT, the \"Manager\"), is pleased to announce that HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of FCT) has entered into a unit purchase agreement with FCL Amber Pte. Ltd. (\"FCL Amber\") and a unit purchase agreement with Bright Bloom Capital Limited (\"Bright Bloom\") to acquire 100.0% interest in the retail mall known as Northpoint City South Wing (the \"Property\"), via the acquisition of all the units in North Gem Trust (\"NG Trust\"), a private trust that holds the interests in the Property; and FCT will also acquire a 100.0% interest in the trustee-manager of NG Trust from Frasers Property Limited, the Sponsor of FCT (together, the \"Acquisition\").\n FCL Amber is a wholly-owned subsidiary the Sponsor and Bright Bloom is a wholly-owned subsidiary of TCC Prosperity Limited, and each holds 50.0% interest in NG Trust.\n Mr Richard Ng, Chief Executive Officer of the Manager, said, \"With the Acquisition, FCT will have 100% ownership of both North Wing and South Wing that together form Northpoint City. With full control, FCT will be able to implement holistic asset enhancement initiatives (\"AEIs\") and tenant mix strategies to unlock further value across both wings. The Acquisition consolidates FCT's position as Singapore's leading prime suburban retail space owner and enables FCT to deliver regular and stable distributions to its unitholders.\"\n Following the Acquisition, FCT's market share of private suburban shopping centre by net le...