Frasers Centrepoint Trust's (FCT) manager announced that it plans to divest some 143.9 million units in Hektar REIT for the equivalent of $37.4 million. Following the divestment which completes in 4Q2023, FCT will hold around 2.12% of Hektar REIT after the sale, down from its current unitholding of 30.97%.
The divestment price of RM0.89 per unit is a 48.3% premium to the last traded price of RM0.60 as at Sept 22, but is at a discount of 26.9% to Hektar REIT's NAV of RM1.217 as at June 30.
On August 30, FCT's manager announced to proposed sale of Changi City Point for $338 million. The sale price represents a net gain and capital gain of $10.9 million and $20 million respectively. Following the sale of Changi City Point, FCT’s pro forma aggregate leverage would fall from 40.2% to 37.1%.
