Frasers Centrepoint Trust

Frasers Centrepoint Trust: Entered agreement to acquire Changi City Point for $305m ($1,471.74 psf NLA). The mall has a net lettable area of 207,237 sf, with 97.8% occupancy as at 28 Feb 2014. The DPU-accretive acquisition will boost FCT’s portfolio to six malls, and increase total assets by about 14% to $2.4b. Latest broker recommendations: UOB Kay Hian maintains Neutral with $2.15 TP OCBC places Buy rating with $2.02 TP under review