Frasers Centrepoint Trust to acquire additional 10% interest in Waterway Point

Sharanya Pillai
Published Mon, Sep 12, 2022 · 11:25 PM

THE trustee of Frasers Centrepoint Trust : J69U 0% (FCT) has entered into 2 agreements to acquire an additional 10 per cent interest in Waterway Point, a 4-storey suburban mall in Punggol, for S$132.3 million.

The transaction will involve FCT paying S$73.6 million to acquire 10 per cent of Sapphire Star Trust (SST), an entity that holds the retail units in Waterway Point, from vendor Sekisui House. FCT will also pay S$3,626.59 for a 10 per cent stake in FC Retail Trustee (FCRT), the trustee-manager of SST.

Through both these deals, FCT will raise its effective interest in Waterway Point from 40 per cent to 50 per cent, the trust’s manager said in a Monday (Sep 12) bourse filing. FCT currently owns a 40 per cent stake in each of SST and FCRT, while the vendor owns 20 per cent of each entity.

The S$132.3 million price tag also includes a S$57.3 million pro rata share of a bank loan owed by SST, a S$1.3 million acquisition fee and S$80,000 in professional and other fees.

With a net lettable area of 389,335 square feet, Waterway Point had a 98.4 per cent committed occupancy rate as of end-September 2021.

The mall “offers its shoppers a diverse range of shopping, dining and entertainment experiences, catering to their necessity and convenience shopping as well as their leisure needs”, FCT’s manager said in the filing.

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FCT units closed flat at S$2.29 on Monday.

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