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Frasers Property buys stake in mall fund

Frasers Property has signed on to acquire a 17.8 per cent stake in PGIM Real Estate, Singapore’s largest non-listed retail mall fund.

PGIM Real Estate, the global investment management arm of Prudential Financial, owns and manages six retail malls in Singapore, including Tiong Bahru Plaza, White Sands, Liang Court, Hougang Mall, Century Square and Tampines 1. It also holds office property Central Plaza.

The roughly $356.4 million purchase is part of Fraser Property’s strategy to grow recurring income sources in a key class of assets, given that PGIM’s properties are mainly suburban retail, an asset class that has demonstrated “resilience across property cycles”.

The final price of the transaction will depend on the dividend amount payable in respect of the sale shares for the final quarter of the last financial year.

Completion is conditional upon consent from the Bermuda Monetary Authority and board approval from PGIM Real Estate.

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