Frasers Centrepoint Acquires Northpoint City for S$1.17 Billion

Frasers Centrepoint Trust (FCT) is acquiring the South Wing of Northpoint City shopping centre in Singapore for S$1.17 billion, which includes both cash and debt components. This acquisition will grant FCT 100% ownership of Northpoint City, allowing it to enhance asset value and tenant mix strategies, according to CEO Richard Ng. Following the deal, FCT's market share of suburban retail space will increase from 9.1% to 10.3%, solidifying its position as the largest suburban retail landlord in Singapore. The acquisition will be financed through a combination of equity raises and debt, with S$400 million planned for fundraising purposes. The funding strategy will consider market conditions and the REIT's leverage. Approval from FCT unitholders will be sought at an extraordinary general meeting for the acquisition to proceed.