Frasers Centrepoint Asset Management Ltd., the manager of Frasers Centrepoint Trust (FCT), has released its business updates for the first quarter ending 31 December 2024. The report highlights a robust performance with a committed retail portfolio occupancy of 99.5%, alongside a 2.7% year-on-year increase in shopper traffic and a 2.5% rise in tenant sales.
The financial health of FCT remains solid, with an aggregate leverage of 39.3% as of 31 December 2024, up from 38.5% at the end of September. The all-in cost of debt has improved slightly to 4.0% from 4.1% in the previous quarter, with an average debt maturity of 3.03 years, ensuring no refinancing risks for the financial year 2025.
In addition, the asset enhancement initiative (AEI) at Hougang Mall is progressing well, with approximately 50% pre-commitment secured ahead of the commencement of works. The project targets a 7% return on investment on a capital expenditure of £51 million, with the main contract awarded within budget and the mall continuing operations.
FCT is also enhancing its community engagement through various initiatives, including festive events that have successfully increased footfall. The Christmas events alone attracted an additional 500,000 visitors compared to the previous year.
These developments underscore FCT’s strategic focus on active asset and property management, positioning it well for sustainable growth amidst a recovering retail market.
