The manager of Frasers Centrepoint Trust (FCT) announced that it will be divesting Changi City Point for a consideration of $338 million in cash. The consideration was negotiated on a willing-buyer-willing-seller basis after taking into account the property’s independent valuation of $325.0 million as at July 31.

The REIT’s trustee, HSBC Institutional Trust Services (Singapore), had entered into a sale and purchase agreement with an unrelated third party on Aug 30.