FLT to divest Australia property with planned sale of office, deck car park for A$5.4m
FRASERS Logistics & Industrial Trust (FLT) is selling the office and deck car park of an Australia mixed-use freehold property for A$5.4 million (S$5.2 million), which will complete the sale of the entire property.
The proposed sale follows a previously concluded A$15 million divestment of the warehouse, open-air storage and heavy vehicle parking area of the property located at 610 Heatherton Road, Clayton South, in the state of Victoria.
The sale price represents a 20 per cent premium to the A$4.5 million apportioned book value of the office and deck car park segments of the property.
The estimated net proceeds of about A$5.1 million may be used for funding potential acquisition opportunities, reducing existing debt and/or other general corporate purposes.
The proposed divestment, through FLT's subsidiary, is expected to be completed by end 2019.
Units of the real estate investment trust were unchanged at S$1.16 as at 12.31pm.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Tesla cuts US prices by US$2,000 as sales slow, inventories swell
Volkswagen workers vote decisively to unionise in Tennessee
Sony deal for Paramount would draw added regulatory scrutiny
Bitcoin 'halving' has taken place: CoinGecko
Lululemon to shutter Washington distribution center, lay off 128 employees
Wall Street bonus rules return to regulatory agenda in third try