Frasers Centrepoint Trust has entered into two sale and purchase agreements for the acquisition of the retail podium of Yishu 10 Cinema Complex. The deal is worth $37.8m.
One of which was with Goldvein Trading Pte. Ltd., for the acquisition of units #01-01, #01-02, #01-04/04A, #01-05, #01-06, #01-07, #01-08 and #01-09 of the retail podium of Yishun 10 Cinema Complex, 51 Yishun Central 1, Singapore 768794 at a consideration sum of S$25.9m
The other was with Bon-Food Pte Ltd, for the acquisition of unit #01-03 of the Retail Podium at a consideration sum of S$11.8m.
The acquisition is in line with the strategy of FCT of nvesting in quality income-producing properties used primarily for retail purposes.
Goldvein Trading Pte. Ltd. and Bon-Food Pte Ltd are whollyowned Singapore subsidiaries of Bonvests Holdings Limited, a company listed on the Main Board of Singapore Exchange Securities Trading Limited.
The Aggregate Consideration for the Acquisition was arrived at on a willing-buyer and willing-seller basis after taking into account the location, occupancy and rental income generated by the Retail Podium. The independent valuation as at 30 September 2016 of all 10 units of the Retail Podium by Jones Lang LaSalle Property Consultants Pte. Ltd., which was appointed by the Trustee, is S$40m and derived using the discounted cash flow approach and direct capitalisation approach.
The Aggregate Consideration will be paid in cash to the Vendors on completion of the Acquisition, which is expected to be on 16 November 2016.