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.