FCT to divest Anchorpoint shopping centre for S$110m

FRASERS Centrepoint Trust (FCT) will divest Anchorpoint shopping centre for S$110 million to unrelated third parties, the manager said on Wednesday in a bourse filing.

FCT's trustee entered into two sale and purchase agreements with each of the undisclosed purchasers for the proposed sale of two strata lots (together with the accessory lots) to each buyer. These lots collectively comprise the shopping centre.

Anchorpoint is a mall with a net lettable area of approximately 6,616 square metres. It comprises two retail levels (including one basement level) and an adjacent two-storey building.

The shopping centre has 51 tenants as at Sept 30, 2020. Key tenants include household retailer Mr D.I.Y., fashion retailer Cotton On, Koufu food court, Xin Wang HK Café, as well as restaurants Sakuraya, Uncle Leong Signatures and Jack's Place.

The sale consideration took into account Anchorpoint's independent appraised value of S$110 million as at Sept 15, 2020. The manager expects net proceeds of S$108.8 million, after taking into account divestment-related expenses. These net proceeds may be used to repay debt or for working capital purposes, it said.

The proposed transaction is expected to complete by March 22, 2021.

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Post divestment, FCT's Singapore retail portfolio will consist of 10 malls with about 2.3 million square feet of net lettable area and more than 1,500 leases with a strong focus on essential trades and services, the manager said.

FCT units closed 1.6 per cent or S$0.04 lower at S$2.46 on Tuesday.