You are here

Frasers Logistics & Industrial Trust buys 21 Europe properties from Frasers Property

FLT - Transgourmet Facility, Ulm, Germany.jpg
Frasers Logistics & Industrial Trust (FLT) has acquired 21 properties in Germany and the Netherlands from its sponsor, Frasers Property, both parties said in regulatory filings on Friday.

FRASERS Logistics & Industrial Trust (FLT) has acquired 21 properties in Germany and the Netherlands from its sponsor, Frasers Property, both parties said in regulatory filings on Friday.

Comprising 17 properties in Germany and four in the Netherlands, the portfolio is worth 596.8 million euros (S$972.8 million), said FLT.

On Apr 19, Frasers Property - through its Dutch indirect wholly owned subsidiary Frasers Property Investments (Holland) BV - entered into a share purchase agreement with FLT Europe to sell its entire shareholding interest in FPE Logistics BV and assign the inter-company loan owing from FPR Logistics for an aggregate consideration of 316.2 million euros. FLT Europe is the trustee of FLT.

FLT's proposals to fund the acquisition include a private placement of new units to institutional and other investors and/or a non-renounceable preferential offering of new units to existing unitholders on a pro rata basis, with the balance of the transaction cost to be funded by borrowings.

sentifi.com

Market voices on:

An extraordinary general meeting will be convened and the acquisition is targeted to be completed by June 2018.