Singapore-based Frasers Logistics & Commercial Trust (FLCT) has agreed to buy six logistics assets in Europe for a total of S$548.7m (鈧�338m).
FLCT is buying the Blythe Valley business park and the Connexion industrial facility in the UK from subsidiaries of IM Properties for 拢170.2m (鈧�197m) and is investing 鈧�93.6m to buy three properties in Germany and one in the Netherlands from subsidiaries of Frasers Property.
Robert Wallace, chief executive officer of the manager, said: the proposed acquisition was complementary to the FLCT portfolio.
鈥淭he tenants also strengthen our global customer network and provide further exposure to attractive growth sectors,鈥� he said.
Wallace said the purchase in the UK provided the trust with a stepping-stone into the UK market. In one of the assets, he said, there was a site available for development as a potential value-add opportunity.
The manager launched a private placement of 220m new units to raise at least S$299.8m, with a caveat allowing the manager an upsize option which would bring the total amount raised to a maximum of S$335.8m. The balance of the acquisition cost would be funded by borrowings.
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