Frasers Logistics Trust to divest Australia property for A$15 million

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Frasers Logistics & Industrial Trust (FLT) entered a deal to divest the warehouse and hardstand components of a Victoria, Australia, property to Mack Bros Enterprises for A$15 million (S$14.19 million or US$10.36 million), the trust said in a filing to SGX Thursday.

The price is an 11.1 percent premium to the book value of the property as of 15 April, the filing said.

The property is located at 610 Heatherton Road, Clayton South in Victoria, Australia, the filing said.

“The property sits on an irregular 3.7-hectare site and comprises an office component, a deck car park, a warehouse and an extensive
hardstand area,” Robert Wallace, CEO of the REIT manager, said in the statement.

“We intend to subdivide the property into two lots with the warehouse and hardstand being an approximate 2.9-hectare lot and the smaller residual site being approximately 0.8-hectare which includes the office and deck car park,” Wallace added.

The net divestment proceeds, expected to be around A$14.1 million, may be used for funding potential acquisitions, reducing existing debt and/or other general corporate purposes, FLT said.

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