Frasers Property raises stake in PGIM Real Estate AsiaRetail Fund to 47.82% for $601.5m

Earnings are expected to grow to $511m after its acquisitions.

Frasers Property raised its stake in PGIM Real Estate AsiaRetail Fund from 29.99% to 47.82% for $601.5m, an announcement revealed. This marks its second acquisition of the fund.

The book value and net asset value of the newly purchased 158,145 shares are approximately $598.1m.

Also read: Frasers Property arm to buy stake in PGIM Real Estate AsiaRetail Fund for $356.4m

PGIM Real Estate holds assets that are primarily suburban retail properties in Singapore. “Suburban retail is an asset class that has demonstrated resilience across property cycles,” said Frasers Property.

PGIM Real Estate AsiaRetail Fund is reportedly the largest non-listed retail mall fund in Singapore, which owns and manages six retail malls comprising of Tiong Bahru Plaza, White Sands, Liang Court, Hougang Mall. Century Square and Tampines 1. Additionally, it owns office property Central Plaza in Singapore, and four retail malls in Malaysia. The firm is managed by Prudential Financial Inc.’s global investment management business PGIM Real Estate.

Post-tax earnings are expected to grow to $511m after the first and second acquisitions.

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