Frasers Centrepoint Trust (FCT) has proposed to divest Anchorpoint Shopping Centre for $110 million to two unrelated and undisclosed parties.
The divestment is expected to record net proceeds of about $108.8 million.
FCT says the proceeds may be used to repay debt or for working capital purposes.
The transaction is expected to be completed by March 22, 2021, it adds.
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FCT says the divestment is in line with its strategy to optimise portfolio composition and its returns objectives for unitholders.
Post divestment, FCT’s Singapore retail portfolio will consist of 10 retail malls with about 2.3 million square feet of net lettable area and more than 1,500 leases with a strong focus on essential trades and services.
As at 11.11 am, FCT was up 2 cents or 0.8% at $2.48 with 481,500 units changed hands.
