“Nex is an excellent asset with strong financial and operational performance, and is a strategic fit to FCT’s prime suburban retail portfolio. This acquisition reinforces our focus and leadership position in the Singapore prime suburban retail market,” says Richard Ng, CEO of the manager.
Frasers Centrepoint Trust (FCT) has agreed to acquire an additional 24.5% interest in Nex for $523.1 million. The trust entered into a share purchase agreement (SPA) with its sponsor, Frasers Property (SGX:TQ5
) , to acquire the total issued share capital of FCL Emerald. FCL Emerald is wholly-owned by Frasers Property and holds a 49.0% interest in Nex. FCL Emerald also owns a 49.0% interest in Frasers Property Coral, which is the trustee-manager of private trust, NP Trust. NP Trust holds a 50.0% stake in Gold Ridge, which holds Nex.
The acquisition follows FCT’s initial acquisition of 25.5% in Nex in February 2023. Following the acquisition, FCT will have an effective interest of 50.0% in the mall.
