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Frasers Property to hike stake in PGIM Real Estate via S$602M investment

Frasers Property Ltd., through its Frasers Property Investments (Bermuda) Ltd. subsidiary, intends to grow its shareholding in PGIM Real Estate Asia Retail Fund Ltd. to about 47.82% with the roughly S$601.5 million acquisition of a further 158,145 shares in the largest nonlisted retail mall fund in Singapore.

The latest transaction is subject to the completion of the agreement signed Feb. 18 for the approximately S$356.4 million transfer of 94,013 shares in PGIM Real Estate to Frasers Property Crystal Pte. Ltd. Frasers Property Investments may also pay an additional amount of roughly S$9.0 million, subject to certain conditions.

The shares considered under the latest deal has a book and net asset value of about S$598.1 million as of Dec. 31, 2018, according to a news release.

In addition, Frasers Centrepoint Trust's FCT Holdings (Sigma) Pte. Ltd. subsidiary also agreed to raise its stake in PGIM Real Estate through the acquisition of an additional 8,804 shares for approximately S$33.5 million.

FCT Holdings' purchase of the additional stake will increase its shareholdings in PGIM Real Estate to about 18.80% from roughly 17.1312%. The Frasers Centrepoint unit agreed to buy the initial stake in late February under an approximately S$342.5 million deal.

As of March 20, US$1 was equivalent to S$1.35.