Frasers Centrepoint Trust to acquire a 24.5% stake in NEX for S$523.1m.

Frasers Centrepoint Trust, a Singapore-based REIT, agreed to acquire a 24.5% stake in NEX, a retail mall located in Northeast Singapore, for S$523.1m. “The acquisition follows from our initial acquisition of 25.5% in NEX in February 2023 and will raise FCT’s effective interest to 50.0% on completion. NEX is an excellent asset with strong financial and operational performance, and is a strategic fit to FCT’s prime suburban retail portfolio. This acquisition reinforces our focus and leadership position in the Singapore prime suburban retail market. The increased stake in NEX will further diversify FCT’s income base, enhance its portfolio resilience and improve its overall retail portfolio performance. The growth opportunities at NEX through AEI, tenant remixing and rent improvement will support FCT’s objective to deliver regular and stable distributions to its Unitholders. This acquisition is also DPU-accretive," Richard Ng, Frasers Centrepoint Trust CEO.