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FLT completes development of extension project in New South Wales

NEWLY listed Frasers Logistics and Industrial Trust (FLT) completed the development of the Schenker Extension in New South Wales, Australia on June 24, one month ahead of its original target date.

The Schenker Extension is fully pre-committed to an incoming tenant, and the tenancy and rent payable will commence on Monday, said FLT manager Frasers Logistics & Industrial Asset Management.

With the early commencement of the pre-committed tenancy for the Schenker Extension, the weighted average lease expiry (by adjusted gross rental income) of the entire property is now 8.97 years as at end June 2016.

The final actual gross lettable area (GLA) of the Schenker Extension is 24,625 square metres - an addition of 50 square metres over the planned GLA stated in the real estate investment trust's (Reit) prospectus.

The Reit, which has properties mainly in Australia, made its debut on Singapore Exchange last Tuesday. The counter closed last Friday at 91 Singapore cents, managing to stay above its offer price of 89 Singapore cents a share amid volatile markets.