Frasers Centrepoint Trust Acquires Stake In NEX

Frasers Centrepoint Trust Acquires Stake In NEX

Frasers Centrepoint Trust will acquire a stake In NEX (North East Exchange) which is one of Singapore’s largest suburban retail properties. The acquisition is a strategic fit and complementary to Frasers Property Group’s retail portfolio given that Frasers Centrepoint Trust portfolio comprises of suburban retail malls.

Frasers Centrepoint Trust portfolio currently has 9 retail malls. They are

  1. Causeway Point
  2. Northpoint City
  3. Waterway Point
  4. Changi City Point
  5. Tampines 1
  6. Century Square
  7. White Sands
  8. Tiong Bahru Plaza
  9. Hougang Mall

On top of the retail malls, it also has a commercial property, Central Plaza.

On 26th January 2023, Frasers Centrepoint Asset Management Ltd who is the manager of Frasers Centrepoint Trust together with Frasers Property Limited announced the joint acquisition of 50 percent interest in Gold Ridge Pte Ltd for a purchase consideration of S$652.5 million.

If you didn’t know, Gold Ridge Pte Ltd is the developer and owner of the suburban retail mall NEX (North East Exchange). The retail mail is located at 23 Serangoon Central, Singapore 556083.

Some Facts About NEX

NEX is the largest suburban retail mall in Northeast Singapore with total net lettable area of approximately 634,631 square feet spread over seven retail levels, including two basement levels.

As of November 2022, the committed occupancy was at a high of 99.9%.

NEX is easily accessible via the integrated Serangoon Bus Interchange and Serangoon Mass Rapid Transit (the “MRT”) station which connects to the North-East Line and Circle Line of the MRT network.

Summary of Frasers Centrepoint Trust Acquires Stake In NEX

I am definitely happy that Frasers Centrepoint Trust added NEX to its portfolio. I am also a frequent shopper at NEX and my observation is that the mall is always bustling with shoppers young and old.

I have recently wrote a review of Frasers Centrepoint Trust and also added a small stake to my stock portfolio.

Post acquisition, I am definitely looking forward for an increase in Net Property Income (NPI) and of course Distribution Per Unit (DPU)!

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