Frasers Property brings in capital partner for Northpoint City (South Wing)

As part of the agreement, Frasers Property and Bright Bloom Capital have pre-emptive rights on each other's stake in Northpoint City .

Located at 930 Yishun Avenue 2, Northpoint City comprises a two-storey retail podium with two basements, incorporating amenities such as carparking facilities as well as the Nee Soon Community Club and the Yishun Bus Interchange. It was completed in December 2017 and has a lettable area of 26,994 square metres.Said Low Chee Wah, chief executive officer of Frasers Property Retail:"Northpoint City is a strategic component of the group's S$8.

"Amid challenges brought about by Covid-19, we are pleased to have the support of TCC as our strategic capital partner for this transaction. We will continue to manage Northpoint City, thereby enhancing the group's long-term return by growing our asset and property management fee income." In addition to growing with its real estate investment trusts, the group has been stepping up its capital-partnership initiatives with third-party investors.

The transaction follows the equity injection by an investor into Frasers Tower in fiscal 2019, which resulted in both partners holding a 50 per cent stake in the property. Last June,Shares of Frasers Property were trading at S$1.23 as at 9.15am on Wednesday, up S$0.02 or 1.7 per cent.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

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