SCC Straits Pte. Ltd. entered into a sale and purchase agreement to acquire Cross Street Exchange in Singapore from Frasers Commercial Trust for approximately SGD 810 million.

SCC Straits Pte. Ltd. entered into a sale and purchase agreement to acquire Cross Street Exchange in Singapore from Frasers Commercial Trust for approximately SGD 810 million on January 24, 2022. The consideration will be satisfied in cash and was negotiated on a willing-buyer and willing-seller basis.

The transaction is expected to close on March 31, 2022. The divestment proceeds may be used to fund potential acquisition opportunities, finance capital expenditure, repay existing debt, make distributions to unitholders of FLCT and/or other general corporate requirements. The divestment will enhance value for FLCT's unitholders, financial strength and flexibility to fund potential acquisition opportunities.

CBRE Pte. Ltd. acted as property valuer in the transaction.