UNITS of Frasers Centrepoint Trust : J69U 0% (FCT) shed as much as 3.9 per cent during the morning trading session on Friday (Jan 26), even as investors digested a proposed private placement to boost FCT’s interest in retail mall Nex.

The real estate investment trust (Reit) on Thursday proposed a private placement of 91.7 million units to raise S$200 million. Gross proceeds will be used to fund an acquisition of Frasers Property’s : TQ5 0% 24.5 per cent stake in the mall.

FCT’s units dropped as much as 3.9 per cent to a low of S$2.19 as at 9.15 am after the Reit lifted its trading halt called on Thursday. The counter later recovered slightly to S$2.23 as at 1.53 pm, with 12.7 million units changing hands.