SGX-listed Frasers Property announced Monday that its business unit has entered into an agreement to acquire AsiaMalls Management, the manager of a portfolio for five retail malls and one office tower in Singapore, for an undisclosed amount.
In a disclosure, Frasers Property said its strategic business unit, Frasers Property Retail, will acquire the property manager, which manages retail malls Century Square, Hougang Mall, Tampines 1, Tiong Bahru Plaza, White Sands, and one office tower.
The six properties are held by PGIM Real Estate AsiaRetail Fund Ltd, which the Frasers Property Group holds a collective 88-per cent stake, according to the disclosure.
AsiaMalls will become a subsidiary of Frasers Property Retail following the acquisition and will continue to provide property management for the properties.
Frasers Property Retail CEO Low Chee Wah said the acquisition of AsiaMalls will allow Frasers to further strengthen its retail capacity.
The firm’s portfolio comprises 14 shopping malls in Singapore, including suburban retail malls in highly-populated areas and integrated mixed-use developments such as Northpoint City, the largest mall in Northern Singapore, and Waterway Point, Punggol’s first waterfront development.
“With the management of a wider network of suburban malls island-wide, we will unlock greater operational synergies that allow us to compete more effectively in this fast-evolving retail landscape,” he said.
Frasers Property Limited, the head company of Frasers Property Retail, is a multi-national company that develops, owns and manages a diverse, integrated portfolio of properties. It has total assets of approximately S$37.6 billion (about $30 billion) as of 30 September 2019.
In January, Frasers Property announced that it is acquiring office buildings in Lakeshore, Bedfont Lakes business park in London for 135 million pounds ($177 million). The properties have a lettable area of 272,000 square feet and are leased on a long-term basis as the headquarter campus in the United Kingdom for multinational technology firm Cisco Systems Ltd.