FCT subscribes for its full allocation in Hektar Reit's rights issue

FRASERS Centrepoint Trust has subscribed for its full allocation in the rights issue of Hektar Real Estate Investment Trust (Reit), with the amount of S$6.78 million funded by FCT's internal resources.

Hektar Reit announced on June 10 last year a proposed acquisition of 1Segamat Shopping Centre, a retail shopping mall located in Segamat, Johor in Malaysia. The property, which will be Hektar Reit's sixth in its asset portfolio, has a net lettable area of about 223,438 square feet.

Hektar Reit conducted a rights issue on the basis of 7 rights units for every 46 existing units at the issue price of RM1.11 per unit.

With the issuance of the rights units as well as the issuance of new units to Hektar Reit's manager as fee payment, FCT now holds about 143.9 million units, or a 31.15 per cent stake, in Hektar Reit.