FCL enters German last-mile logistics sector

Frasers Centerpoint Ltd (FCL) is set to expand its European logistics property footprint with an announcement over the weekend of a purchase of six German logistics facilities for about 257 million euros (S$408.6 million).

The purchase, which will boost the group’s proportion of recurring income, also marks the mainboard-listed group’s entry into the German last-mile logistics sector.

FCL said its wholly-owned subsidiaries have entered into a sale and purchase agreement with ECE Projektmanagement, a Hamburg-based developer, owner and manager of commercial real estate, for the acquisition of the six cross-dock facilities, which total 75,478 square metres (sq m) of lettable area on 426,439 sq m of land.

World’s most expensive home to hit market at US$500 million

“LET’S say you’re a superwealthy single dude who just sold your company,” said Nile Niami. “You’ve just moved to LA, and you don’t know anybody, so you …