Property firm Frasers Centrepoint Trust is divesting in its YewTee Point retail complex, with an unrelated third-party set to pay US$164 million for the site.

The divestment, which was organised by HSBC Institutional Trust Services, is in line with Frasers’ efforts to cut down its retail portfolio and optimise returns for its shareholders.

The proceeds from the sale are to be used to repay debt, which will lower Frasers’ gearing level.

The 73,669 square foot YewTee Point had a total of 70 tenants as of September 30, 2020, according to the property firm.

Following the divestment, which is set to be completed on 28 May, Frasers will hold nine retail properties 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.