Frasers Centrepoint Trust (FCT), a retail real estate investment trust (REIT), announced that its trustee has entered into sale and purchase agreements with unrelated third parties in relation to the proposed divestment of Anchorpoint Shopping Centre for S$110.0 million.
The purchase price was negotiated on a willing-buyer-willing-seller basis after taking into account the independent appraised value of the Property of S$110.0 million as at 15 September 2020.
”The expected net proceeds from the divestment of the Property is approximately S$108.8 million, after taking into account divestment related expenses. The net divestment proceeds may be used to repay debt or for working capital purposes,” said FCT in a statement.
The divestment of the property is expected to be completed by 22 March 2021. Post divestment, FCT’s Singapore retail portfolio will consist of 10 retail malls with approximately 2.3 million square feet of net lettable area and more than 1,500 leases with a strong focus on essential trades and services.