The Tamesis
Industrial properties in Australia owned by Frasers Logistics.
Frasers Logistics
Singapore-listed Frasers Property, controlled by Thai billionaire Charoen Sirivadhanabhakdi, is selling four of its logistics properties in Europe to subsidiary Frasers Logistics and Commercial Trust (FLCT) for 294.9 million euros ($343 million).
“The acquisition proposed by our sponsors enables FLCT to deepen its presence in two of Europe’s most resilient and trade-oriented logistics markets,” Anthea Lee, chief executive of Singapore-listed REIT Management, said in a statement on Monday.
Two logistics properties in Germany and two additional logistics properties in the Netherlands have a total lettable area of 179,645 square meters, which are fully leased to tenants including e-commerce companies. The acquisition could add to earnings and provide upside to the REIT’s rents.
The properties will increase Frasers Logistics’ portfolio occupancy rate from 96.1% to 96.3% and increase the proportion of logistics assets in its portfolio from 75.1% to 76.6%. Upon completion of the transaction, Frasers Logistics will own 118 properties in Australia, Germany, the Netherlands, Singapore and the United Kingdom
Frasers Property said the divestment is in line with its strategy to recycle capital by injecting stable and mature investment properties into its REITs as part of active portfolio management.
Frasers Property said: “This active approach to portfolio management enables the group to optimize capital productivity and support the growth of its REITs.”
Charoen and his family are among the richest people in Thailand, with a fortune estimated at $11.7 billion. Forbes‘Real-time data. In addition to his controlling stake in Frasers Property, he also owns interests in Chang Beer maker Thai Beverages, packaging company Berli Jucker, Thai real estate developer Asset World and Thailand’s Big C Supercenter supermarket chain.
