Frasers Property to buy 17.8% stake in PGIM Real Estate Fund for S$356.4m
Deal will enhance the group's portfolio, as suburban retail asset class has demonstrated "resilience across property cycles"
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FRASERS Property has entered into an agreement to acquire a 17.8 per cent stake in PGIM Real Estate Asia Retail Fund Ltd for S$356.4 million - subject to determination of the dividend amount payable in respect of the sale shares for Q4 2018.
In a regulatory filing on Monday, Frasers Property said its subsidiary, Frasers Property Crystal, has signed a deal with a shareholder of the fund to purchase some 94,013 shares, representing a 17.8265 per cent stake in the fund.
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