PGIM Real Estate AsiaRetail Fund is an open-end private investment vehicle that was incorporate in Bermuda and is currently the largest non-listed retail mall fund in Singapore. It owns and manages six retail malls – Tiong Bahru Plaza, White Sands, Liang Court, Hougang Mall, Century Square and Tampines 1; an office property – Central Plaza; as well as four retail malls in Malaysia.
PGIM Real Estate AsiaRetail Fund is currently managed by PGIM Real Estate, the real estate investment business of PGIM Inc, a global investment management business of Prudential Financial.
In a filing posted on Thursday, the manager said that FCT unitholders can expect to enjoy higher distribution per unit (DPU) following this acquisition.
The acquisition will be funded through a combination of debt and equity financing. For purposes of completion certainty, the manager will be arranging for bridge loan facilities to fully fund the acquisition.
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Assuming that the acquisition is fully funded by debt, the group’s pro forma gearing would be 36.3% as at Sept 30, 2018, and pro forma DPU would rise to 12.443 cents from 12.015 cents for the 12 months to Sept 30.
Units in FCT closed at $2.29 on Thursday.
