By THE EDGE
Frasers Centrepoint Ltd (FCL), the sponsor of Singapore-listed REIT Frasers Centrepoint Trust (FCT), is acquiring a 40% in Hektar Asset Management Sdn Bhd, the manager of Hektar Real Estate Investment Trust (Hektar REIT), for RM500,000 cash.
In a statement today, Hektar Group said FCL, which is a wholly owned subsidiary of Fraser & Neave Ltd Singapore, had entered into a sale and purchase agreement with its holding company Hektar Klasik Sdn Bhd (HKSB) for the proposed acquisition.
It said FCT was also acquiring a cornerstone 10% stake comprising 32 million units in Hektar REIT at RM1.21 per unit. FCT, via HSBC Institutional Trust Services signed an agreement with another company related to HKSB, Hektar Black Sdn Bhd.
Hektar group said the move will create a strategic partnership between it and FCL Group, an established player in property development, property management and the REIT industry.