he Acquisition agreement was signed today between Frasers Property Coral Pte. Ltd. (in its capacity as trustee-manager of NEX Partners Trust1, a private trust held by (i) HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of FCT) and (ii) FCL Emerald (1) Pte. Ltd., a wholly-owned subsidiary of Frasers Property) as purchaser, and Mercatus Tres Pte. Ltd. as vendor.

The Consideration was negotiated on a willing-buyer and willing-seller basis, taking into account, among others, the net asset value of 100.0% of the Target of S$1,305.0 million (as at 30 September 2022), with reference to the agreed property value of the Property of S$2,077.8 million (the “Agreed Property Value”). The appraised value of the Property by independent valuer Colliers International Consultancy & Valuation (Singapore) Pte. Ltd. appointed by FCT and Frasers Property is S$2,078.0 million as at 31 December 2022. The net property income (the “NPI”) yield based on the Property’s NPI in year 2022 is in the region of high 4%.