Singapore's Frasers Property seeks to take hospitality trust private (updated)

Frasers Hospitality Trust

13/06/2022 04:51

(Recasts with details of the deal)
    SINGAPORE, June 13 (Reuters) - Singapore-listed Frasers
Property Ltd  FRPL.SI , part of Thai tycoon Charoen
Sirivadhanabhakdi's TCC Group, proposes to take unit Frasers
Hospitality Trust  FRHO.SI  private in a deal that values it at
S$1.35 billion ($970 million).
    Frasers Property (FPL Group) is offering S$0.70 cash for
each of the shares in the real estate investment trust that it
and related parties do not already own, the target and intending
buyer said in a joint statement on Monday.
    The group and related parties own about 63% of the trust,
company executives said.
    The price is 6.1% higher than the last closing price for
Frasers Hospitality Trust.
    The trust has a S$2 billion property portfolio that includes
hotels and serviced residences across Asia, Australia and
Europe. It has been seeking to improve its valuations in a
challenging market and had considered many options.
    The companies highlighted Frasers Hospitality Trust's small
size versus its peers in a market where scale and size were
essential to liquidity and growth as among the challenges for
the trust's continued listing.
    ($1 = 1.3911 Singapore dollars)

 (Reporting by Anshuman Daga and Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com;))