Frasers Property Group to Acquire 50% Interest in NEX Suburban Retail Mall in Sinagpore
Posted on 01/28/2023
NEX Partners Trust is a 51%:49% joint venture between Frasers Centrepoint Trust and Frasers Property Limited. Frasers Centrepoint Asset Management Ltd. (FCAM) as the manager of Frasers Centrepoint Trust (FCT) and Frasers Property Limited made the joint acquisition of 50.0% interest in Gold Ridge Pte. Ltd. which holds the suburban retail mall NEX, located at 23 Serangoon Central, Singapore 556083 for a purchase consideration of S$ 652.5 million.
The acquisition agreement was signed on January 26, 2023 between Frasers Property Coral Pte. Ltd. (in its capacity as trustee-manager of NEX Partners Trust, a private trust held by (i) HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of FCT) and (ii) FCL Emerald (1) Pte. Ltd., a wholly-owned subsidiary of Frasers Property) as purchaser, and Mercatus Tres Pte. Ltd. as vendor.
Frasers Centrepoint Trust has a suburban retail property portfolio.
NEX
NEX is located within the Serangoon housing estate which has an estimated resident population of 68,800 with 21,634 Housing Development Board (HDB) flats in the area. NEX is the largest suburban retail mall in Northeast Singapore with total net lettable area of approximately 634,631 square feet spread over seven retail levels, including two basement levels, and the committed occupancy was 99.9% as at end-November 2022.