The assets, consisting of two properties in Germany and two in the Netherlands with a combined gross lettable area of 179,645 square meters, were divested to Frasers Logistics & Commercial Trust (FLCT), according to a press release issued by Frasers Property on Monday.
The properties are fully leased to tenants that include multinational companies and third-party logistics providers serving sectors such as e-commerce fulfillment. They have a weighted average lease expiry of 5.7 years.
“The Proposed Transaction is in line with the strategy of the Group to recycle capital as part of its active portfolio management initiatives of stabilized investment properties via its real estate investment trusts,” Frasers Property said in the press release.
 |
|
An industrial property owned by Frasers Logistics & Commercial Trust in Germany. Photo from the company’s website |
FLCT expects portfolio occupancy to rise from 96.1% to 96.3% and the proportion of logistics and industrial assets in its portfolio to increase from 75.1% to 76.6% after the deal wraps up, the trust’s manager said in an announcement.
It said the properties, located in key logistics hubs in Germany and the Netherlands, support the core distribution needs of both countries and complement the existing European properties in FLCT’s portfolio.
The purchase price reflects a 1.5% discount to the properties’ appraised value and a 0.9% discount to the average of two independent valuations for each property, it said.
FLCT will own 118 properties across Australia, Germany, Netherlands, Singapore and the UK following the transaction, it added.
Charoen, whose net worth is estimated at US$11.7 billion, is the third wealthiest man in Thailand, according to Forbes’ real-time data.
He holds a controlling stake in Frasers Property and also owns Thai Beverage, the maker of Chang beer, as well as Bangkok-based developer Asset World Corp.
Source:e.vnexpress.net
