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Asia Digest: ESR Kendall Square REIT lists in Korea; Frasers divests Anchorpoint stake

Asia Digest: ESR Kendall Square REIT lists in Korea; Frasers divests Anchorpoint stake Seoul, South Korea. Photo by Emile-Victor Portenart on Unsplash. Premium Logistics real estate firm ESR has listed ESR Kendall Square REIT on the Korea Exchange, while Frasers Centrepoint Trust is divesting its stake in Anchorpoint Shopping Centre for a consideration of $82 million. Continue reading this story with a subscription to DealStreetAsia. Contact us for corporate subscriptions at subs@dealstreetasia.com. Sign up for our newsletter - The Daily Brief Opt out of receiving The Daily Brief in your inbox everyday REGISTER stories left placeholder You have one free story left this month.

Stocks to watch: Keppel Corp, Keppel Reit, Olam, Frasers Centrepoint Trust, LHN

Stocks to watch: Keppel Corp, Keppel Reit, Olam, Frasers Centrepoint Trust, LHN
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FCT Singapore to sell off Anchorpoint Shopping Centre for $110m

The mall is in a prime location in Singapore s inner west. Frasers Centrepoint Asset Management has announced the proposed sale of the Anchorpoint Shopping Centre in Alexandra Road, on behalf of the Frasers Centrepoint Trust (FCT Singapore) A $110m price tag has been negotiated with an unnamed buyer, with Frasers informing the SGX that it was expecting net proceeds of S$108.8m, after appraisal fees and other account divestment related expenses. The full divestment is expected to be completed by 22 March, 2021.  This will leave FCT Singapore s retail portfolio with 10 retail malls, accounting for approximately 2.3 million square feet of net lettable area, and more than 1,500 leases. The manager of the trust plans to use the proceeds to repay debt and also as working capital.

TRIS Rating Affirms Guaranteed Debt Ratings on FPHT at AA- and Revises

TRIS Rating affirms the ratings on the outstanding guaranteed debentures of Frasers Property Holdings (Thailand) Co., Ltd. (FPHT or Issuer) at ?AA-?. At the same time, we assign a ?negative? outlook to the ratings. The debentures are issued under FPHT?s THB25 billion debenture program and fully guaranteed by Frasers Property Ltd. (FPL or Guarantor). FPHT is a wholly-owned subsidiary of FPL. The issue ratings reflect the creditworthiness of the guarantor (rated ?AA-? with a ?negative? outlook by TRIS Rating). The ?negative? outlook reflects our view that FPL?s leverage is likely to stay elevated, exceeding the threshold of adjusted debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio of below 12 times for the assigned ratings, at least over the next 12-18 months. We expect the company?s earnings to continue to be pressured by the lingering adverse impacts of the Coronavirus Disease 2019 (COVID-19) pandemic and weak macroeconomic backdrop, particularl

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