FLT and FCOT merger commences

FLT’s new investment mandate also came into effect.

The merger between Frasers Logistics Trust (FLT) and Frasers Commercial Trust (FCOT) took effect on 15 April, a local bourse filing revealed. They have notified the Monetary Authority of Singapore in writing of the grant of the court order sanctioning the trust scheme.

FCOT unitholders will receive payment of the scheme consideration, which comprises $0.151 in cash and 1.233 FLT units per FCOT unit by 24 April. The expected date of FCOT’s delisting is on 29 April.

Furthermore, FLT added that its new investment mandate will come into effect on 15 April. The mandate is to invest in a portfolio of income-producing real estate used predominantly for logistics or industrial purposes and located globally, which may also include office components ancillary to the foregoing purposes, and commercial purposes or business park purposes in the Asia-Pacific region or in Europe.

As a result, the agreement for the resulting right of first refusal (ROFR) also came into effect on the same day, which will consolidate and supersede the existing ROFRs granted by Frasers Property to FCOT and FLT.

All other firms associated to FLT—FLT Europe, Frasers Property HoldCo (Jersey), and Frasers Commercial (UK) Sub. 1—will be novated to FCOT’s subsidiary Frasers Commercial (UK) Sub. 1.

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