Frasers Centrepoint Trust to acquire North Gem Trust for SGD $1.17bn.

Frasers Centrepoint Trust, a Singapore-listed real estate investment trust (REIT) focused on suburban retail properties, offered to acquire North Gem Trust, a private trust that holds ownership of the South Wing of Northpoint City, a prominent suburban retail mall in Yishun, for SGD $1.17bn. "With the Acquisition, FCT will have 100% ownership of both North Wing and South Wing that together form Northpoint City. With full control, FCT will be able to implement holistic asset enhancement initiatives and tenant mix strategies to unlock further value across both wings. The Acquisition consolidates FCT’s position as Singapore’s leading prime suburban retail space owner and enables FCT to deliver regular and stable distributions to its unitholders," Richard Ng, Frasers Centrepoint Trust CEO.