The acquisition will increase FCT’s interest in each of SST and FCRT (and thereby FCT’s effective interest in Waterway Point) from currently 40.0% to 50.0%.
The manager of Frasers Centrepoint Trust (FCT) announced that it will be acquiring an additional 10% stake in Waterway Point for $132.3 million, raising its total stake in the mall to 50.0%.
Under the terms of this deal, HSBC Institutional Trust Services, as the trustee of FCT, will be acquiring from Sekisui House 10.0% of the total issued units of Sapphire Star Trust (SST), comprising 500,001 ordinary units and about 59.9 million redeemable preference units; and 10.0% of the issued share capital of FC Retail Trustee, which is the trustee-manager of SST. SST currently holds the retail units in Waterway Point, which is in Punggol.
