Frasers Property's retail unit acquires manager of 6 retail malls and 1 office tower

AsiaMalls Management will become a subsidiary of Frasers Property Retail.

Frasers Property Retail, the retail unit of Frasers Property, has entered into an agreement to acquire property manager AsiaMalls Management, according to its bourse filing.

AsiaMalls currently manages a portfolio of five retail malls comprising Century Square, Hougang Mall, Tampines, Tiong Bahru Plaza, and White Sands. Office tower Central Plaza is also under its management.

The six properties under AsiaMalls are held by PGIM Real Estate AsiaRetail Fund (PGIM ARF), which Frasers Property holds a collective 88% stake in.

Upon completion of the acquisition, AsiaMalls Management will become a subsidiary of Frasers Property Retail, and will continue to provide property management services to PGIM ARF for the six properties.

Prior to the acquisition, Frasers Property Retail’s portfolio comprises 14 retail malls in Singapore.