SINGAPORE (Sept 9): Frasers Centrepoint Trust (FCT), the developer-sponsored retail REIT, has raised its stake in Waterway Point, the suburban retail mall located at 83 Punggol Central, to 40% from 33⅓%.

This comes after Frasers Centrepoint Asset Management (FCAM) last Friday signed a conditional sale and purchase agreement with vendor Sekisui House to acquire a further 6⅔% of Sapphire Star Trust (SST) which currently holds the retail units in the retail mall.

The S&P agreement also covers the purchase of the vendor’s 6⅔% share of a unitholders’ loan previously extended by the unitholders of SST to SST; and 6⅔% of the issued share capital in the trustee-manager of SST.

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