Frasers Property and Frasers Centrepoint Trust purchase a 50% share in NEX from Mercatus for $652.5 million

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Mercatus Co-operative, a unit of NTUC Enterprise, is selling its 50% indirect stake in NEX the mall, which is located situated in Northeast Singapore, to Frasers Centrepoint Trust and Frasers Property for $652.5 million.

In a press announcement, Mercatus announced that its subsidiary Mercatus Tres has entered into an agreement to sell its complete 50% stake of Gold Ridge, which owns the company, operates and manages the NEX. The price to be paid for selling Mercatus Tres’ stake was calculated based on an adjusted value for the net assets for Gold Ridge, taking into the consideration the stipulated property worth that is $2.08 billion to NEX.

Mercatus claims that the divestment will be a result of its strategic review that was announced in June 2022. On December 28 2022, the company made an announcement about the deal to sell Jurong Point along with Swing By@Thomson Plaza at $2.16 billion to Link REIT, a Hong Kong-listed company. Link REIT.