FCT divests stake in Hektar REIT for $36.7m

The company divested over 140 million units in the REIT.

Frasers Centrepoint Trust (FCT) has completed its divestment of 143,898,398 units in Hektar Real Estate Investment Trust (REIT) for $36.7m.

FCT’s trustee received the divestment consideration upon completion of the divestment. 

Meanwhile, the earnest deposit of $0.4m or 1% of the divestment consideration paid to the trustee before completion per the terms and conditions of the sale and purchase agreement will subsequently be refunded to the purchaser.

Following the completion of the divestment, FCT only had 10,559,928 units in Hektar REIT.

FCT has also divested the remaining units to an unrelated third party, according to its manager.