Frasers Property acquires owner of new logistics warehouse in Netherlands for 25m euros

FRASERS Property Ltd on Friday said it has acquired a new freehold logistics warehouse in the Netherlands.

Its indirect subsidiary Frasers Property Investments (Europe) BV entered into a sale and purchase agreement with Acacia BV and LocMeppel BV to acquire all the issued and paid-up share capital of LocMeppel BV in the Netherlands.

Upon the completion of the acquisition, LocMeppel BV will be Frasers Property's indirect wholly owned subsidiary.

LocMeppel BV holds the freehold interest in the warehouse, which comes with ancillary office space, located in the industrial estate Noord II in the town of Meppel in the Netherlands.

The property has a gross lettable area of about 31,600 square metres and is leased on a long-term basis to a "leading company active in the dairy industry".

The aggregate consideration for the acquisition, excluding transaction costs, is 25 million euros (S$39.3 million). The price takes into account the valuation of the property as at Dec 31, 2017, of about 24.2 million euros.

The purchase price is payable in cash and funded from internal resources. It is also subject to such adjustments as may be necessary in accordance with the sale and purchase agreement, said Frasers Property.

It said the acquisition is not expected to have any material impact on the earnings per share and net tangible asset value per share of the group for the current financial year.

The counter closed up 1.05 per cent at S$1.92 on Thursday.