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FCT also plans to raise $1.3b via an equity fundraising.
Frasers Centrepoint Trust has acquired the remaining 63.1% of total issued share capital of AsiaRetail Fund (ARF) for approximately $1.06b from a subsidiary of Frasers Property Limited, according to an announcement.
Upon completion of the transactions, FCT’s retail properties in its portfolio will increase from seven to 118, and its net lettable area will expand by about 64% to 2.3 million sqft. This will make FCT amonst the largest suburban retail mall owners in Singapore, the REIT said.
FCT’s portfolio size will also increase to approximately $6.65b.
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