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Frasers Centrepoint Trust’s (FCT) manager, Frasers Centrepoint Asset Management (FCAM), has privately placed 88 million new units at an issue price of S$1.835 per unit, raising gross proceed at approximately S$161.5 million.
The issue price represents a discount of below 2.5 percent to FCT’s adjusted volume weighted average price of S$1.882 per unit for trades done on 29 May 2014.
According to FCAM CEO, Dr Chew Tuan Chiong, the net proceeds will be deployed to part finance the acquisition of Changi City Point.
“As the sixth suburban and the third-largest mall to be added to the FCT portfolio, Changi City Point is uniquely placed to serve the diverse human traffic generated within the catchment area, by the Expo, business offices, educational institutions and residential estates. This is a significant addition that will enhance FCT’s ability to deliver steady returns to our unitholders,” he added.
In connection with the placement, FCAM plans to declare an advanced distribution of the trust’s distributable income for the period from 1 April 2014 to 9 June 2014, to existing FCT unitholders.
However, the new units, which are expected to be listed on the 10th of June, will not be entitled to the advanced distribution.
FCAM estimates the quantum of the distribution per unit under the advanced distribution to be at 2.288 cents per unit.
It noted that the actual quantum will be revealed at a later date, while the advanced distribution will be paid on or around the 17th of July this year.
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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