Corporate digest

Frasers Centrepoint Limited

PROPERTY developer Frasers Centrepoint Limited (FCL) is exiting a joint venture that owns the Compass Point shopping mall in Sengkang for about S$80.3 million in total, it said in a bourse filing Wednesday. It will sell its 18.99 per cent stake in the JV, called Gemshine Investments, to its JV partner, a fund owned by insurance giant Prudential. Prudential's Asia Property Fund owns the remaining 81.01 per cent of the JV.

The share sale will bring in S$19.6 million in cash for FCL, which has also agreed to novate S$60.7 million worth of intercompany loans between its unit, Prudential's unit Lexis 88, Gemshine and five special purpose vehicles that collectively own all the strata units in Compass Point. FCL will cease to manage the mall after the deal is completed, expected February 2016.