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FCT to acquire an additional 24.5% stake in NEX for $523.1m
The acquisition will raise FCT’s effective interest in NEX to 50%.
Frasers Centrepoint Trust (FCT) will acquire an additional 24.5% effective interest in retail mall NEX for $523.1m.
In a bourse filing, FCT said the acquisition would raise its effective interest in NEX from 25.5% to 50.0%.
FCT’s manager plans to fund the acquisition through the net proceeds from a private placement launched on 25 January and debt financing.
According to FCT, the net property income (NPI) yield based on the NEX’s NPI for the financial year ended 30 September 2023 and the agreed property value of $2.13b is 4.8%.
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