FCT’s total cost of the acquisition is approximately $1,172.9 million, comprising $375.2 million for the acquisition price, the bank loans owed of approximately $785.0 million, the acquisition fee payable to the manager of approximately $11.3 million, and other acquisition-related fees and expenses of approximately $1.4 million.
FCT has announced the launch of an equity fund raising (EFR) of no less than $400 million, comprising a placement of $200 million at a price of $2.07 to $2.113 per unit, which translates into a discount of 1.8% to 3.8% of adjusted VWAP; and a preferential offer of $200 million with unit prices ranging from $2.03 to $2.07, representing a discount to VWAP of 3.8% to 5.7%.
FCT also plans to raise $200 million in perpetual securities.
Based on the fund raising plan and on an FY2024 pro forma basis, the distribution per unit accretion is 2% and aggregate leverage rises to 39.8% compared to 38.5% as of end-FY2024.
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Northpoint City South Wing is the largest suburban mall in north Singapore. It is linked to Yishun Integrated Transport Hub and has a 100% committed occupancy.
The acquisition will turn FCT into the largest suburban retail landlord with a 10.3% market share.
Units in FCT closed at $2.21 on March 24.
