FRASERS Centrepoint Trust (FCT) is a leading developer-sponsored retail real estate investment trust (Reit) focused on growing shareholder value for its unitholders through growing its investments in retail malls and active asset management. The sponsor of FCT is Frasers Centrepoint Limited, a leading Singapore-based property company and the property arm of Fraser & Neave, Limited.
(Picture : Causeway Point in JB)FCT's primary focus is to be a leading retail mall owner and manager, and it looks to deliver sustainable distribution per unit (DPU) growth to its unitholders. Over the past 12 months, FCT has grown its DPU through four strategic growth thrusts: building up of pipeline assets for future injection into the Reit; growing through increasing its rental reversions; growth through asset enhancement initiatives, and growth through overseas expansion. There is certainty of growth as FCT gains further traction in these strategic growth thrusts over the next 24 months.
FCT's initial portfolio consists of three well-established quality suburban malls: Causeway Point, Northpoint and Anchorpoint, located in densely populated and growing residential areas with excellent connectivity to MRT and public transport. These malls enjoy high occupancy rates and dominant positions in their respective trading areas.
In the past four quarters, FCT has grown its acquisition pipeline to four identified assets: Northpoint 2, YewTee Point, a greenfield development at Bedok Town Centre, and The Centrepoint, providing a high degree of growth certainty for investors. These identified assets are set to double FCT's net lettable area from 638,786 sq ft to more than 1.2 million sq ft upon injection.
Anchorpoint's asset enhancement is the first in a series of three mall asset enhancement initiatives. At a cost of more than $12 million, the asset enhancement initiative to reposition Anchorpoint with a village-mall concept commenced in May 2007 and is on schedule for completion at the end of November 2007. Visitors will enjoy a new shopping and F&B experience at the new Anchorpoint. The repositioned mall will have a strong F&B offering with a wider range of retail concepts in cozy village mall setting.
Further, Anchorpoint will feature a unique cluster of factory outlet concepts currently not found in any other Singapore mall with initial signings that include Charles & Keith, FOS, G2000 and Club Marc.
FCT seeded a Malaysian growth platform in May 2007 through a strategic investment in Hektar Real Estate Investment Trust (Hektar), Malaysia's only pure retail Reit. The investment of a 27 per cent stake in Hektar provides FCT with a yield-accretive investment in an underlying portfolio of prominent and high quality suburban regional malls in Malaysia - namely Subang Parade in Selangor and Mahkota Parade in Melaka. These retail malls have a total net lettable area of about 944,500 sq ft, house more than 230 major international and domestic retailers, and enjoy high transient traffic.
In the span of 12 months since going public in July 2006, FCT's investment portfolio net lettable area, which includes pipeline assets under development, has more than tripled to 2.2 million sq ft and its market capitalisation almost doubled to $1.1 billion under the management of Frasers Centrepoint Asset Management Ltd, the real estate and fund management division of Frasers Centrepoint Limited.
FCT won the 'Most Transparent Company Award (New Issues category)' at the 7th Investors Choice Awards organised by the Securities Investors Association of Singapore (SIAS).
'Our aspiration is to be the Malls of Choice to our shoppers, investors, and tenants as we establish Frasers Centrepoint Trust as a strong and leading contender in the Asian retail markets over the next five years. The team's commitment and passion for retail, backed by extensive industry experience and proven capabilities, will ensure that Frasers Centrepoint Trust continues to deliver on its stated goals in this robust retail environment.'
- Christopher Tang,
CEO, Frasers Centrepoint Asset Management Ltd
MILESTONES
* July 2006 - Frasers Centrepoint Trust (FCT) listed on the SGX with a portfolio of three quality suburban malls: Causeway Point, Northpoint and Anchorpoint with net lettable area (NLA) of 638,486 sq ft.
* August 2006 - Northpoint2 added to FCT's acquisition pipeline. Northpoint2 is located adjacent to Northpoint and will be fully integrated with the main building.
* November 2006 - A greenfield development at Bedok Town Centre was added to FCT's acquisition pipeline. To be developed as a lifestyle mall, located in the largest HDB township after the three regional centres: Jurong West, Woodlands and Tampines.
* January 2007 - Acquisition pipeline increased to four identified assets with the addition of YewTee Point. FCT's Singapore portfolio NLA exceeds 1.2 million sq ft with the addition of pipeline assets.
* March 2007 - Assigned a first-time corporate 'A3' rating by Moody's Investors Services, providing FCT with greater flexibility in executing future strategies and programmes.
* May 2007 - FCT acquired a 27 per cent stake in Hektar Reit, giving FCT interest in two quality suburban malls in Malaysia and setting the platform for FCT's overseas growth expansion. This increased FCT's investment portfolio NLA, which includes pipeline assets under development, by 74 per cent to more than 2.2 million sq ft.
* May 2007 - Anchorpoint asset enhancement commenced as the first in a series of three mall asset enhancement initiatives.
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