Frasers Logistics & Commercial Trust to divest two industrial buildings in Melbourne, Australia for A$42.5 million

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/ EdgeProp Singapore
|
December 3, 2021 5:25 PM SGT
The Property is located at the eastern side of Douglas Street, a well-regarded industrial precinct located in the Melbourne city fringe suburb of Port Melbourne.
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SINGAPORE (EDGEPROP) - Frasers Logistics & Commercial Trust has announced that it will divest two industrial buildings in Port Melbourne, Australia for A$42.5 million ($41.7 million). The Reit has entered into a sale and purchase agreement for the sale of the leasehold property.
Read also: APAC average residential prices up 1.9% y-o-y in 2H2020: Knight Frank
According to the Reit, the divestment is a significant premium to both the property’s book value of A$21 million, as at Sept 30, 2021, and the original purchase price of A$21.7 million in 2016. The Reit says the divestment is in line with its proactive asset management and portfolio rebalancing strategies.
“This proposed divestment of our leasehold property at Port Melbourne is transacted at an attractive premium over its book value. It is a timely divestment that resonates well with our strategy to realise value from non-core properties,” says Robert Wallace, CEO of Fraser Logistics & Commercial Asset Management, the manager of the Reit.
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As of 30 Sept, 2021, the property accounted for 0.7% of the Reit’s net property income and about 0.3% of the portfolio value. The estimated proceeds from the divestment is about A$38.5 million after taking into account divestment fees of about A$200,000 to be paid to the Reit Manager and other divestment and tax related expenses.
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