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.
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