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ND8U - Frasers Commercial Trust News Story

S$1.3 0.0  0.0%

Last Trade - 09/04/20

Sector
Financials
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £70.1m
Position in Universe th / 6099

UPDATE 1-Two Singapore-listed real estate trusts announce $4 bln merger plan

Mon 2nd December, 2019 7:45am
(Adds details of approval process)
    SINGAPORE, Dec 2 (Reuters) - Two Singapore-listed real
estate investment trusts under the Frasers Property group
 FRPL.SI  said on Monday they planned to merge to create an
entity that will hold assets worth S$5.7 billion ($4.2 billion).
    The proposed merger of Frasers Logistics & Industrial Trust
 FRAE.SI  and Frasers Commercial Trust  FRCR.SI , the latest in
a string of consolidation moves in the sector, will cost about
S$1.5 billion, mainly via the issuance of new units to existing
investors. 
    "The Enlarged REIT will have a broadened investment mandate
to invest in a wider spectrum of asset classes across logistics,
industrial, office, business park and commercial properties,"
the two trusts said in a joint statement. 
    The new entity will manage about 2.6 million square metres
of space with about 300 tenants in 98 properties spread across
five countries, the companies said. 
    The proposal is subject to approval from existing investors
and the Singapore High Court.
    Both trusts are currently managed by subsidiaries of Frasers
Property Ltd  FRPL.SI . 
($1 = 1.3639 Singapore dollars)

 (Reporting by John Geddie; Editing by Sriraj Kalluvila & Kim
Coghill)
 ((John.Geddie@thomsonreuters.com; +65 6403 5578;))
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