- The acquisition of an additional 24.5% stake in NEX is accretive to Frasers Centrepoint Trust's pro forma 2023 DPU by 0.4%. We expect the acquisition to be completed in end-2QFY24 and contributions to kick in starting 3QFY24.
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- rightsizing its tenant mix to reduce the reliance on anchor tenants.
- Frasers Centrepoint Trust provides defensive FY25 distribution yield of 5.3%. Maintain BUY.
Rebalancing towards dominant suburban malls.
- Frasers Centrepoint Trust (SGX:J69U) has entered into a share purchase agreement to acquire an additional 24.5% effective interest in suburban mall NEX from sponsor Frasers Property (SGX:TQ5) for S$523.1m, bringing its effective interest to 50.0%. The agreed value for NEX is S$2,127.0m or S$3,352psf.
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Benefitting from demographic tailwind due to strategic location.
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