Frasers Centrepoint Trust (J69U) said on Jun, 30 2026 that its trustee, HSBC Institutional Trust Services (Singapore), has signed a put-and-call option agreement with Growth Capital Pte Ltd to divest 100% of White Sands Trust 1, which indirectly owns the White Sands mall in Pasir Ris, for an agreed property value of 467 million Singapore dollars.

The cash sale consideration is estimated at 456.9 million Singapore dollars, reflecting adjustments for the net assets of the underlying entities. The price represents an 8.4% premium to the independent valuation of 431 million Singapore dollars by Jones Lang LaSalle Property Consultants as of May, 31 2026. Completion of the deal is targeted for around Sep, 30 2026.

After estimated divestment costs of 2.8 million Singapore dollars, FCT expects net proceeds of about 454.1 million Singapore dollars and an estimated net gain of 32.4 million Singapore dollars. The proceeds will be used mainly to repay debt, which is projected to lower FCT’s aggregate leverage from 40.0% to 36.5%.

Based on pro forma calculations, net asset value per unit would rise from 2.23 to 2.25 Singapore dollars, while FY2025 distribution per unit would dip 1.9% to 11.889 Singapore cents, assuming the proceeds are fully applied to debt repayment.

The transaction is classified as a “discloseable transaction” under SGX Listing Manual rules, with the largest relative figure—aggregate consideration to market capitalisation—at 9.8%.

An earnest payment of 1 million Singapore dollars and a further deposit of 22.35 million Singapore dollars have already been received. Completion is conditional on approvals from the Singapore Land Authority and the Inland Revenue Authority of Singapore.