Singaporean real estate investment trust company Frasers Centrepoint Trust (FCT) is paying 433.3 million Singapore dollar ($314.4 million) for a one-third stake in a suburban mall, Waterway Point.
The mall, which posted net property income of $44.3 million in 2018, is located in the town centre of Punggol New Town, Singapore and has a net lettable area of 371,200 square feet.
The company, part of Frasers Property Ltd., will buy the stake in the Punggol-based mall, valued at $2,550 per square foot of net lettable area, from FCL Emerald Pte Ltd.
Moreso, FCT is launching an equity funding to raise about $307 million by offering 136 million new shares in a private placement and 48 million new units in preferential offering to partly finance the deal.