Mercatus sells 50% stake in NEX to Frasers Property and Frasers Centrepoint Trust for $652.5 mil

NEX, the biggest retail mall in the north-east region of Singapore with a net lettable area of 630,000 square feet, is fully integrated with Serangoon MRT Interchange Station and Serangoon Bus Interchange. (Picture: Mercatus Co-operative)

SINGAPORE (EDGEPROP) - Mercatus Co-operative, a unit of NTUC Enterprise, is selling its 50% indirect stake in NEX, a retail mall in Northeast Singapore, to Frasers Centrepoint Trust and Frasers Property for $652.5 million.

In a Jan 26 press release, Mercatus announced that its subsidiary Mercatus Tres has entered into an agreement to divest its entire 50% interest in Gold Ridge, which owns, manages and operates NEX. The consideration for the sale of Mercatus Tres' stake was determined based on the adjusted net asset value of Gold Ridge, taking into account the agreed property value of  $2.08 billion for NEX.

Mercatus says the divestment follows its strategic review announced in June 2022. On Dec 28, 2022, it announced the sale of Jurong Point and Swing By @Thomson Plaza for $2.16 billion to Hong Kong-listed Link REIT.

Read also: Mercatus divests two retail assets in Singapore for $2.16 billion to Link REIT

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