MAINBOARD-LISTED Frasers Centrepoint Trust (FCT) has entered into a conditional sale-and-purchase agreement to acquire City Point mall for a purchase consideration of $305 million.
The announcement came yesterday from Frasers Centrepoint Asset Management (FCAM), the manager of the trust.
The acquisition was negotiated on an arm's-length basis between FCAM, on behalf of the trustee of FCT, and the vendor, Ascendas Frasers.
Ascendas Frasers is a 50-50 joint-venture between FCT's sponsor, Frasers Centrepoint Limited, and Ascendas Development.