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The acquisition of stake in Waterway Point will be done via a conditional sale and purchase agreement with Sekisui House
Frasers Centrepoint Trust (FCT) eyes to raise its stake in Waterway Point to 40 percent, with the acquisition of an additional six and two-third percent interest in the suburban mall.
The move comes just months after completing its acquisition of a one-third stake in the mall.
The acquisition of stake in Waterway Point will be done via a conditional sale and purchase agreement with Sekisui House.
In an SGX filing, FCT’s manager revealed that the total acquisition outlay for the additional stake is about $89.6 million.
It noted that the purchase price was based on Waterway Point’s agreed value at $1.3 billion or $3,502 per sq ft of net lettable area, on a 100 percent basis – the same basis as the acquisition of the initial one-third stake.
“This acquisition is aligned with our strategy of increasing FCT’s market share in Singapore’s suburban retail sector,” said Richard Ng, chief executive officer of FCT’s manager.
“We are growing our stake in Waterway Point as it is a popular retail hub that is set to benefit from the growing population and exciting developments in the surrounding Punggol precinct. This positions Waterway Point well to deliver long-term growth and good returns for FCT and its unitholders.”
Agnes Ong at PropertyGuru, edited this story. To contact her about this or other stories, email agnes.ong@propertyguru.com.
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