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Frasers Centrepoint to acquire 86.56% stake in Geneba Properties

MAINBOARD-LISTED Frasers Centrepoint Limited (FCL) has entered into a conditional agreement to acquire an 86.56 per cent stake in Geneba Properties, an Amsterdam-based listed real estate investment company, for 315.9 million euros (S$467.8 million).

It added in a filing to the Singapore Exchange on Monday that its international property activities arm Frasers Property has also reached a conditional agreement with Geneba on an all-cash offer for the remaining 13.44 per cent free-float in Geneba. This offer will be launched no later than a month after the closing date of FCL's acquisition.

The conditional agreement for the 86.56 per cent stake was sealed with Catalyst RE Coöperatief. There is a cash consideration of 3.67 euros per depositary receipt, or an aggregate amount of 315.9 million euros, plus an amount of 48,111 euros per day from Dec 31, 2016, to the closing date of the agreement, less any leakage amounts specified in the agreement.

FCL noted that Geneba has a portfolio consisting predominantly of logistics and light industrial properties focused on key industrial sectors in Germany and the Netherlands. The portfolio consists of properties that are leased to large and medium-sized industrial companies under long term leases.

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As at Feb 28, the portfolio had an average occupancy rate of 98 per cent and a weighted average lease expiry of 9.5 years.

FCL's share price closed on Friday at S$1.790 apiece, some 0.83 per cent lower.