Nex, a prominent retail destination, is directly owned by Gold Ridge Pte.
Understanding Nex's Ownership Structure
While Gold Ridge Pte holds the direct ownership and operational responsibilities for Nex, the ultimate beneficial ownership has been significantly shaped by recent strategic transactions involving key real estate players.
The Direct Owner: Gold Ridge Pte
Gold Ridge Pte is the entity explicitly stated to own, manage, and operate Nex. This company serves as the primary legal owner of the shopping mall, overseeing its day-to-day functions and strategic direction.
Strategic Acquisition by Frasers Centrepoint Trust and Frasers Property Limited
The ownership landscape of Gold Ridge Pte, and by extension Nex, has evolved through a major acquisition. Frasers Centrepoint Trust (FCT) and Frasers Property Limited (FPL) have teamed up to jointly acquire a 50 per cent interest in Gold Ridge Pte. This means that FCT and FPL will collectively hold a significant stake in the company that directly owns Nex, establishing them as substantial indirect owners.
This acquisition involved the purchase of Mercatus' 50 per cent interest in Gold Ridge Pte. The valuation for this transaction took into account Gold Ridge's adjusted net asset value (NAV), which stood at $1.31 billion as of September 30, 2022. This substantial investment underscores the value and strategic importance of Nex in the retail property market.
Key Entities in Nex's Ownership
The following table summarizes the roles of the primary entities involved in the ownership structure of Nex:
| Entity | Role in Nex's Ownership |
|---|---|
| Gold Ridge Pte | The direct legal owner, manager, and operator of Nex. |
| Frasers Centrepoint Trust (FCT) | A real estate investment trust that, together with FPL, is acquiring a 50% interest in Gold Ridge Pte. |
| Frasers Property Limited (FPL) | A multinational real estate company that, together with FCT, is acquiring a 50% interest in Gold Ridge Pte. |
| Mercatus | The previous holder of the 50% interest in Gold Ridge Pte, which was sold to FCT and FPL. |
This multi-layered ownership structure ensures that while Gold Ridge Pte remains the immediate owner, the strategic direction and financial backing of Nex are influenced by its significant stakeholders, FCT and Frasers Property.
