An unknown buyer entered into an agreement to acquire 55 Market Street, Singapore from Frasers Commercial Trust (SGX:ND8U) for approximately SGD 220 million on July 10, 2018. The consideration will be paid in cash. The total deposit payable under the agreement is 15% of the aggregate consideration. Frasers Commercial Trust received an initial deposit of SGD 32.5 million upon execution of the agreement. The remaining consideration shall be paid upon completion. The completion of the transaction is expected to take place by August 31, 2018. The divestment proceeds will be used by Frasers Commercial Trust to repay existing debt so as to provide greater financial flexibility to pursue future acquisition opportunities and/or undertake other initiatives with the remaining amount of the sale proceeds, if any, to be used for financing of capital expenditure and/or for general corporate and working capital purposes. Jones Lang LaSalle Property Consultants Pte Ltd acted as property valuer in the transaction. An unknown buyer completed the acquisition of 55 Market Street, Singapore from Frasers Commercial Trust (SGX:ND8U) on August 31, 2018.