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Wed, Dec 23, 2020-9: 00 AM
FRASERS Centrepoint Trust (FCT) will sell the Anchorpoint shopping center for S $ 110 million to unrelated third parties, the manager said in a stock exchange presentation on Wednesday.
The FCT trustee entered into two sale agreements with each of the undisclosed buyers for the proposed sale of two strata lots (along with accessory lots) to each buyer. These lots collectively comprise the shopping center.
Anchorpoint is a commercial center with a net leasable area of approximately 6,616 square meters. It comprises two commercial levels (including a basement) and an adjacent two-story building.
The mall has 51 tenants as of September 30, 2020. Key tenants include home retailer Mr DIY, fashion retailer Cotton On, Koufu food court, Xin Wang HK Café, as well as Sakuraya restaurants, Uncle Leong Signatures and Jack’s Place.
The sale consideration took into account Anchorpoint’s independent appraised value of S $ 110 million as of September 15, 2020. The servicer expects net income of S $ 108.8 million, after taking into account expenses related to the divestiture. This net income can be used to pay off debts or for working capital purposes, he said.
The proposed transaction is expected to be completed on March 22, 2021.
After the divestment, FCT’s Singapore retail portfolio will consist of 10 shopping centers with approximately 2.3 million square feet of net leasable area and more than 1,500 leases with a strong focus on retail and essential services, the manager said.
FCT units closed 1.6 percent or S $ 0.04 lower at S $ 2.46 on Tuesday.
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