Fraser Centrepoint Trust completes acquisition of Bedok Point

The company used the S$64.3mn proceeds of Private Placement to fund the purchase.

The board of directors of Frasers Centrepoint Asset Management Ltd, in its capacity as manager of FCT (the “Manager”), is pleased to announce that the acquisition by HSBC Institutional Trust Services (Singapore) Limited, in its capacity as trustee of FCT, of a 99-year leasehold interest in the property known as Bedok Point, located at 799 New Upper Changi Road, Singapore 467351(“Bedok Point”) from Woodlands Complex Pte. Ltd. has been completed Friday.

FCT said that all of the net proceeds, approximately S$64.3 million, of the private placement of 48 million new units in FCT at an issue price of S$1.39 per unit has been used to part finance the acquisition of Bedok Point, according to a Fraser Centrepoint Trust report.

The balance of the aggregate purchase consideration of Bedok Point has been financed by bank borrowings.