Northpoint City Shopping Centre in Yishun, a northern town in Singapore.
Provided by Frasers Centrepoint
Frasers Centrepoint Trust – REIT controlled by Thai beer to special billionaires Charoen SirivadhanabhakdiFrasers’ property – purchased a portion of the shopping mall from his parents for S$1.2 billion (US$873 million) to fully own the Northpoint City shopping mall in Yishun, the northern town of Singapore.
According to the deal, Singapore-listed REIT will purchase Northpoint City's South Wing from Charoen-related companies. statement Monday night.
“Through the acquisition, Frasers Centrepoint will collectively own 100% of Northpoint City,” Richard Ng, CEO of Frasers Centrepoint Asset Management, said in a statement. “With full control, Frasers Centrepoint will be able to implement an overall asset enhancement program and a tenant hybrid strategy to unlock further value of both wings.”
With over 531,000 square feet of net fall space, Northpoint City is the largest shopping mall in northern Singapore and part of an integrated mixed-use property on retail countertops for the 920-unit North Park residence associated with Yishun Transport Hub.
Frasers Centrepoint will raise up to S$600 million through stock sale and debt financing to fund acquisitions. It added that the funding structure will be finalized at the appropriate time, considering factors such as market conditions and total leverage of the REIT.
Charoen's net worth is estimated at $11.5 billion Forbes' Real-time data. In addition to his controlling stake in the Frasers property, he also has an interest in the world of Zhang beer maker Thai beverages and hotel developers assets.
