Frasers Centrepoint unit to buy 3 firms in Germany

FRASERS Centrepoint's indirect subsidiary Frasers Property Investments (Europe) has, through its wholly owned subsidiaries, entered into a conditional sale and purchase agreement to acquire three companies in Germany for 42.4 million Euros (about S$67.83 million).

It will acquire 94.8 per cent each in Logipark Moosthenning GmbH and HJäger Ges für Projektentwicklung von Immobilien mbH, and fully acquire Simblafis GmbH.

The companies hold, in aggregate, the freehold interest in two warehouse facilities located in Moosthenning, Bavaria and a photovoltaic system located on the roof of one of the warehouses. The site, with a gross lettable area of 72,558 square metres, is leased on a long-term basis to a leading German car manufacturer.

The deal will be funded from borrowings and internal resources, said Frasers Centrepoint.