M&G confirms full ownership of Compass Point

M&G Real Estate, the real estate fund management arm of Prudential outfit M&G Investments, will become the sole owner of Compass Point Shopping Centre in Sengkang after buying out Frasers Centrepoint Ltd's 18.99 per cent stake, M&G confirmed on Wednesday.

The deal was first announced on Dec 9. The consideration of S$80.3 million comprises S$19.6 million in cash and S$60.7 million worth of intercompany loans that will be novated.

The deal is expected to be completed in February 2016.