In July 2014, FCL, backed by Thai billionaire Charoen Sirivadhanabhakdi, purchased Australand for A$2.6 billion from Capitaland. Many have anticipated it is only a matter of time before FCL spun off the industrial properties in a REIT. If we look at FCL, they are one of the most geared property developer in Singapore. They finally will be spinning off their industrial assets in an IPO of Frasers Logistics and Industrial Trust (FLT). IPO usually means its probably overpriced, however in this portfolio, it presents investors with an opportunity to invest in a unique portfolio of assets versus what they currently have in the Singapore REITs (check out their prevailing dividend yields here) In this article, I sought to provide you with adequate information to make a decision on this IPO. Not just that, I hope to frame your mind in evaluating FLT, not as a punt ......