Fraser Logistics & Commercial Asset Management Pte. Ltd., the manager of Frasers Logistics & Commercial Trust (FLCT) announced on Monday that it would be acquiring six properties in Europe for ~S$548.7mn ($413mn) with an aim to capitalize on the strong demand for logistics real estate in these markets. The properties include three in Germany, one in the Netherlands, and two in the UK. The properties in Germany and Netherlands will be procured from subsidiaries of Frasers Property Limited and two freehold properties in the UK will be procured from subsidiaries of I.M. Properties PLC. The new properties are strategically located to leverage FLCT’s existing European markets and are freehold, which will help in increasing the proportion of freehold assets in FLCT’s portfolio by 2.8% to 67.9%. The acquisition will be funded through a combination of equity and debt and is likely to be completed by June 2021. Mr. Robert Wallace, Chief Executive Officer of the Manager, said, “The New Properties are complementary to FLCT’s portfolio and provides FLCT with a long-term income stream from a lineup of high- quality and diversified tenants. The tenants also strengthen our global customer network and provide further exposure to attractive growth sectors.
Frasers Logistics to Buy European Assets for $400mn
Frasers Centrepoint Trust’s 3.2% 2023s were up 0.12 to trade at 104.25.
For the full story, click here
