China Investment Corp, PGIM’s 50% stake in Nex mall up for sale; asking about S$1.2 billion

Detailed summary

Frasers Centrepoint Trust, the owner of the remaining 50%, has right of first refusal

Frasers Centrepoint Trust, the owner of the remaining 50%, has right of first refusal

[SINGAPORE] A half stake in the popular Nex shopping mall in Serangoon Central is understood to be on the market with a price tag of S$1.2 billion to S$1.25 billion.

The asking price for the 50 per cent stake mostly owned by sovereign wealth fund China Investment Corp, based on 100 per cent interest at S$2.4 billion to S$2.5 billion, is higher than the S$2.26 billion valuation for the mall as at Sep 30.

Frasers Centrepoint Trust ( FCT ), which owns the other half of Nex, has the right of first refusal (ROFR), which market watchers expect it will exercise to buy out the rest of the property.

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