Property firm, Frasers Centrepoint Trust, is divesting in its YewTree Point retail complex with an unrelated third-party.
The third party is set to pay $164M for the site. The divestment was organised by HSBC Institutional Trust Services in line with Frasers’ efforts to cut down its retail portfolio, instead focusing on optimising return for shareholders. The proceeds from the sale will be used to repay debt, lowering Frasers’ gearing level.
The divestment, which is set to be completed on 28 May, will leave Frasers Centrepoint with a total of nine retail properties located in suburban areas of Singapore – Causeway Point, Northpoint City North Wing, Changi City Point, Waterway Point, Tiong Bahru Plaza, White Sands, Hougang Mall, Century Square and Tampines 1.
Occupying an area of 73,669sq ft, YewTee Point had a total of 70 tenants as of the end of September 2020 according to Frasers Centrepoint Trust.
