Frasers Centrepoint Trust divests Changi City Point for $338m

The REIT will use the net proceeds from the divestment to repay loans.

Frasers Centrepoint Trust (FCT) has agreed to sell Changi City Point for a consideration of $338m.

FCT’s manager said the REIT will use net proceeds from the divestment to repay loans with higher interest rates.

FCT expects to complete he divestment on 15 November. Post-completion, FCT expects its pro forma hedge ratio of fixed-interest rate loans to improve from 63% to 73%.

Following completion, FCT’s retail portfolio will comprise nine retail properties with an aggregate net lettable area of approximately 2.7 million square feet.

In a bourse filing, FCT’s manager said the divestment of the property is part of its “strategic portfolio review to strengthen FCT’s portfolio resilience.”

Estimated net gain and capital gain from the divestment are $10.9m and $20m, respectively.

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