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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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Agent.sg's Daily Property News Selection brings you the most important property market news in and around Singapore. We list the best articles on real estate development, property investment and on the property listing market on a daily basis - whoever stays out, misses out.
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