Singapore-listed Frasers Property has agreed to purchase property manager AsiaMalls Management, which manages five malls and an office tower in Singapore.
All six properties are held by the PGIM Real Estate AsiaRetail fund, which Frasers Property group owns an 88% stake in, the buyer announced in a statement.
AsiaMalls manages the Century Square, Hougang Mall, Tampines 1, Tiong Bahru Plaza, and White Sands malls, as well as the Central Plaza office tower.
“Our acquisition of AsiaMalls Management allows us to further strengthen our retail capability,” said Frasers Property Retail CEO Low Chee Wah.
“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.”
Frasers Property Retail platform holds 14 malls across Singapore worth S$8.6bn in total, including assets held across Frasers Property Singapore, Frasers Centrepoint Trust, and its investments in the PGIM Real Estate AsiaRetail fund.
The property manager will become a subsidiary of Frasers Property Retail Management once the deal is completed, and will continue to manage the buildings.
In February last year, Frasers Property bought a 17.8% stake in the PGIM Real Estate AsiaRetail fund for S$356.4m (US$263.5m).
At the time, the company said suburban retail was an asset class that had demonstrated resilience across property cycles.
Listed and headquartered in Singapore, Frasers Property has S$38.8bn in assets under management.