Frasers Property brings in TCC as capital partner for Northpoint City, South Wing

SINGAPORE - Frasers Property has brought in a strategic capital partner for Northpoint City , it announced on Tuesday .

The transaction values Northpoint City at $1.1 billion and allows the group to recognise a gain of $50 million over the asset's last audited book value as at Sept 30, 2019. As part of the agreement, Frasers Property and Bright Bloom Capital have pre-emptive rights on each other's stake in Northpoint City .

"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."

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