FCL on track to acquire Australand

FRASERS Centrepoint Ltd (FCL) is on track to complete its biggest acquisition after more than half of Australand Property Group shareholders accepted the Singapore company's takeover offer, according to two people familiar with the matter.

Frasers has received enough acceptances from the Australian company's equity investors to make its A$4.48 cents a share bid unconditional, said the people, who asked not to be identified as the details are private.

The purchase gives FCL - which began trading independently from Fraser & Neave Ltd in January - control of Australand's A$2.4 billion (S$2.78 billion) of office and industrial properties and A$9.3 billion of developments in Australia. FCL is seeking to boost its operations in faster-growing overseas markets, which contributed 38 per cent of earnings as at March 31 from 10 per cent a year earlier, and has flagged Australia and China as preferred destinations.