Frasers Centrepoint Trust to buy 17.1% stake in PGIM Real Estate Fund for S$342.5m

FRASERS Centrepoint Trust has entered into agreements to acquire a 17.1 per cent stake in PGIM Real Estate Asia Retail Fund Ltd for about S$342.5 million, subject to determination of the dividend amount payable in respect of the sale shares for the fourth quarter of 2018.

FCT's manager said that the open-end fund is the largest non-listed retail mall fund in Singapore. It owns and manages six retail malls in Singapore - Tiong Bahru Plaza, White Sands, Liang Court, Hougang Mall, Century Square and Tampines 1 - and office property Central Plaza, as well as four retail malls in Malaysia.

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