Frasers Logistics & Industrial Trust said late on Wednesday that acquired a logistics property in the Netherlands from Frasers Property’s indirect wholly owned subsidiary, Frasers Property Investments (Europe) for 25.36 million euros, or around S$39.88 million.
The acquisition will be via acquiring all of the shares of FPE Investments RE20 B.V., which holds the freehold interest in the property at Mandeveld 12, Meppel, the Netherlands, and fully leased to a Dutch multinational dairy company, FrieslandCampina Nederland B.V., it said in a filing to SGX late on Wednesday.
The property has a net property yield of 5.4 percent and will be accretive to distribution per unit, the trust said.
The lease has an annual inflation index and the property has an additional, adjacent land plot, providing for possible expansion later, it said.
“The acquisition presents a strategic opportunity to deepen FLT’s footprint in the highly sought-after Dutch logistics and industrial sector, which has benefited from sustained economic growth and remains an important European transportation and logistics hub,” Robert Wallace, CEO of the REIT manager, said in the statement.
After the acquisition, Frasers Logistics & Industrial Trust will have a portfolio of 83 properties concentrated in Australia, Germany and the Netherlands, it said.