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Frasers Property to merge two listed trusts into new $4bn entity

Mon 2nd December, 2019 3:47am
SINGAPORE, Dec 2 (Reuters) - Frasers Property Ltd  FRPL.SI 
said on Monday it planned to merge two of its Singapore-listed
real estate investment trusts (REITs) 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
    "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. 
    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)
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