KeyPoint divestment rewards FCOT with financial flexibility

Net proceeds from the sales, estimated at S$357.8m, could be used to strengthen the company's asset portfolio.

The buyer is a company jointly owned by Fragrance Group Ltd and a subsidiary of Aspial Corporation Limited. A profit of S$72.8m is expected from the deal.

Here's more from OCBC Investment Research:

Frasers Commercial Trust has announced the proposed sale of KeyPoint, much to the market’s long-awaited anticipation. The sales consideration was at S$360.0m and represents a 26.3% premium over the property’s latest valuation of S$285.0m, with an NPI yield at 3.11%.

The buyer is a company jointly owned by Fragrance Group Ltd and a subsidiary of Aspial Corporation Limited. According to management, the sale is expected to result in a gain of S$72.8m. The net proceeds from the sales, estimated at S$357.8m, could be utilized to reduce the debt liabilities, thereby providing FCOT with the financial flexibility and debt headroom to acquire other assets and strengthen its asset portfolio.

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