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Frasers Property to combine industrial, logistics operations in Australia and Europe under new unit
FRASERS Property will form a new business unit that will combine its industrial and logistics operations in Australia and Europe.
The unit - representing S$5.4 billion in assets under management - will work closely with Singapore-listed Frasers Logistics & Industrial Trust (FLT) in terms of asset and property management. The new platform is expected to start reporting as a strategic business unit in FY2020.
Reini Otter will helm the unit as chief executive officer (CEO) while Matt Knox will assume the role of chief financial officer (CFO).
Mr Otter joined Frasers’ Australian operations in 1998, and has held senior leadership positions within the commercial & industrial business in Australia for over 15 years. His roles with Frasers Property Australia include executive general manager of its commercial & industrial and investment property division. Meanwhile, Mr Knox was previously CFO for Frasers Property Australia.
“Our industrial and logistics business in Australia and Europe has grown rapidly over the past five years, from S$1.6 billion to S$5.4 billion,” said Panote Sirivadhanabhakdi, Frasers’ group chief executive officer. “We are building upon our multi-national industrial and logistics capabilities to better support the group’s growing investment in this asset class for the long-term, in a focused and integrated fashion.”
Shares in Frasers Property closed at S$1.87 on Monday, unchanged.