Frasers Logistics & Industrial Trust sells Australian property for $16.64m

The property is an older, non-core manufacturing-suited facility with an imminent lease expiry.

Frasers Logistics & Industrial Asset Management, the manager of Frasers Logistics & Industrial Trust (FLT) entered into a sale and purchase agreement with Enborne Pty Ltd, for the sale of 63-79 South Park Drive, Dandenong South, Victoria, Australia at a consideration of $16.64m (A$17.25m).

According to an announcement, the consideration is at 13.1% premium to the property’s book value of $14.71m (A$15.25m) as at 30 September 2018 and 4.5% premium to the original purchase price of $15.92m (A$16.5m) at FLT’s initial public offering in 2016.

Robert Wallace, CEO of Frasers Logistics & Industrial Asset Management, said, “63-79 South Park Drive is an older, non-core manufacturing-suited facility with an imminent lease expiry. The proposed sale of the Property is timely and in line with our proactive asset management and portfolio rebalancing strategies.”

The estimated net proceeds from the proposed divestment are approximately $16.11m (A$16.7m), after taking into account divestment fees to be paid to the REIT manager and other divestment related expenses.

Upon completion of the proposed divestment, FLT’s portfolio will comprise 60 properties in Australia, 17 in Germany and five in the Netherlands, with a total value of approximately $2.89b (A$3b).

The proposed divestment is expected to be completed by the first half of 2019.

Also Read

One Sophia sells 30% of units at weekend launch

SLA launches tender to revitalise Tanjong Katong Complex

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit