Fct Divests 10 Strata Lots Yishun 10 Frasers Property 345 Mil

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The sale of 10 strata lots in Yishun 10 is a strategic move by Frasers Centrepoint Trust (FCT) to optimize its portfolio composition and returns. The divestment was made to Frasers Property Limited, FCT’s sponsor and a wholly-owned subsidiary of Lion (Singapore). The sale consideration of $34.5 million takes into account the properties’ latest valuations from Jones Lang LaSalle Property Consultants Pte Ltd and Savills Valuation and Professional Services (S) Pte Ltd. These properties, located near Northpoint City, were acquired in 2016 and have a total gross floor area of 966 sqm and total net lettable area of 961 sqm.The divestment aligns with FCT’s proactive portfolio management strategy and will utilize the net proceeds of $33.8 million to pay back certain debts, hence reducing FCT’s aggregate leverage. After deducting divestment-related expenses of $0.2 million and tenants’ security deposits of $0.5 million, the net sum of $33.8 million accounts for 0.8% of FCT’s net asset value (NAV) of $4.15 billion and net profits of 0.2% of FCT’s net profit of $97 million. As it does not exceed the 5% threshold, the divestment is classified as a “non-disclosable transaction” under Rule 1008 of the listing manual and will not require the approval of unitholders.However, as an interested party transaction and interested person transaction, since Frasers Property is FCT’s sponsor, the divestment will be subject to the approval of relevant authorities. The divestment will optimize capital productivity and create potential for future redevelopment, further enhancing the property’s value. Frasers Property, the company that owns the only other property in Yishun 10, a 1,477 -seat Golden Village cineplex, will have full ownership and operations of Yishun 10 will continue as usual. This is a strategic move by Frasers Property to potentially generate additional value in the longer term and further optimize its portfolio composition. Overall, the divestment will have positive implications for FCT’s portfolio and returns.