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Frasers Property on Monday announced that Frasers Property Retail has entered into an agreement to acquire property manager AsiaMalls Management for an undisclosed sum.
AsiaMalls Management manages a portfolio of five malls in Singapore: Century Square, Hougang Mall, Tampines 1, Tiong Bahru Plaza and White Sands. It also manages a 20-storey office tower, Central Plaza, along Tiong Bahru Road.
The six properties are held by PGIM Real Estate AsiaRetail Fund (PGIM ARF), in which the Frasers Property group holds a collective 88 per cent stake.
On completion of the acquisition, AsiaMalls Management will become a subsidiary of Frasers Property Retail Management, and will continue to provide property management to PGIM ARF for these six properties.
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