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The trust’s manager launched an equity fund, which comprises a private placement of around 155.2 million new units within FCT at an issue price of $2.382 per piece
Frasers Centrepoint Trust (FCT) has completed its acquisition of a 33.3 percent interest in Waterway Point, revealed Frasers Centrepoint Asset Management in an SGX filing.
The trust’s manager launched an equity fund, which comprises a private placement of around 155.2 million new units within FCT at an issue price of $2.382 per piece and a preferential offering of around 28.8 million of new units at $2.35 per piece, to raise $437.4 million in gross proceeds.
Of these, around $240.5 million was used to finance Waterway Point’s total purchase consideration. About $4.3 million was used to pay for the underwriting fees, while $2.8 million was used to pay for professional and other fees and expenses in relation to the acquisition and equity fundraising.
Meanwhile, about $189.8 million from the private placement was used to pare down bridging loans secured by FCT in relation to the acquisition by FCT Holdings (Sigma), a fully-owned unit of FCT, of an interest in PGIM Real Estate AsiaRetail Fund Limited.
Located within Singapore’s first waterfront eco-town, Punggol, Waterway Point is a four-storey suburban family and lifestyle shopping mall. It has a net lettable area of 371,200 sq ft and a committed occupancy rate of 98.1 percent.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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