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COMMERCIAL PROPERTY | Staff Reporter, Singapore
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FLCT to acquire six new European properties

The firm will acquire six new properties in Germany, the Netherlands and the UK.

Frasers Logistics & Commercial Trust (FLCT) is set to acquire six new properties in the EU region.

In a bourse disclosure, the firm said it is looking into acquiring three freehold logistics and industrial properties in Germany and a logistics and industrial property in the Netherlands from subsidiaries of Frasers Property Limited.

In addition, it will acquire two freehold properties, Connexion and Blythe Valley Park, in the United Kingfrom from subsidiaries of I.M. Properties PLC.

The total purchase price for these properties are $548.7m, a 2.5% discount of the aggregate price of $562.4m. The aggregate purchase consideration for the proposed acquisition is approximately $469.7m.

“The New Properties are complementaryto FLCT’s portfolioand provides FLCT witha long-termincome stream from a lineup ofhigh-qualityand diversifiedtenants. The tenants also strengthen our global customernetwork and provide further exposure to attractive growthsectors,” said FLCT CEO Robert Wallage.

FLCT noted that the UK and Germany are two of the largest e-commerce markets in Europe and is among the top ten globally.

The Germany and Netherlands properties have total lettable area of 62.115 square metres, located in key logistics hubs of Frankfurt and Mannheim in Germany, and in east of the Netherlands at the Food & Business Park Ede.

The UK properties have a total lettable area of apprximately 61.213 square metres, located within proximity to Birmingham, the second largest populated city after London.

As of March 31, the new properties have a 97.4% blended occupancy rate.

The acquisition will be funded by equity fund raising and borrowings. It is expected for completion by June 2021.

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