Thai Billionaire Charoen Sirivadhanabhakdi’s Frasers Property Sells European Properties To REIT For $343 Million
Key takeaways
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- The two logistics properties in Germany and another two in the Netherlands with a combined gross leasable space of 179,645 square meters, is fully leased out to tenants including e-commerce players.
- The properties will boost Frasers Logistics’ portfolio occupancy to 96.3% from 96.1% and the proportion of logistics assets in its portfolio to 76.6% from 75.1%.
Learn more.This voice experience is generated by AI. Learn more.An industrial property owned by Frasers Logistics in Australia.Frasers Logistics Singapore-listed Frasers Property—controlled by Thai billionaire Charoen Sirivadhanabhakdi—is selling four of its logistics properties in Europe to its unit Frasers Logistics & Commercial Trust (FLCT) for €294.9 million ($343 million).
“This proposed acquisition from our sponsor allows FLCT to deepen its presence in two of Europe’s most resilient and trade-oriented logistics markets,” Anthea Lee, CEO of the manager of the Singapore-listed REIT, said in a statement on Monday.
The two logistics properties in Germany and another two in the Netherlands with a combined gross leasable space of 179,645 square meters, is fully leased out to tenants including e-commerce players. The acquisition is earnings accretive and provides the REIT rental upside.