The manager for Frasers Logistics and Industrial Trust is full of action. After the recent aggressive acquisition of Germany and Netherlands assets, it has recently announced a divestment of one of its Australian asset.
Frasers Logistics and Industrial Trust will be divesting one of its Australian asset (“80 Hartley Street, Smeaton Grange, NSW”) for A$90.5 million (S$90.5 million). The Property was purpose-built for Coles Supermarkets Australia Pty Ltd and will have a remaining lease term of approximately five years, upon extension of the existing lease.
The sale consideration is 40.3% above the book value of the Property of A$64.5 million (approximately S$64.5 million) as at 31 March 2018 and at a 39.2% premium over the original purchase price paid by Frasers Logistics and Industrial Trust of A$65.0 million (approximately S$65.0 million). There will be a divestment fee of A$452,500 paid to manager.