Frasers Centrepoint Sells Large Stake in Hektar REIT

News about Frasers Centrepoint Trust

Frasers Centrepoint Trust is unloading a large stake in the Malaysian trust Hektar REIT:

Frasers Centrepoint Trust's (FCT) manager announced that it plans to divest some 143.9 million units in Hektar REIT for the equivalent of $37.4 million. Following the divestment which completes in 4Q2023, FCT will hold around 2.12% of Hektar REIT after the sale, down from its current unitholding of 30.97%.

The divestment price of RM0.89 per unit is a 48.3% premium to the last traded price of RM0.60 as at Sept 22, but is at a discount of 26.9% to Hektar REIT's NAV of RM1.217 as at June 30.

Frasers Centrepoint Trust
Price2.180 SGD
NAV2.250 SGD
Yield (4 quarters)5.52%
Gearing38.5%