Singapore-listed Frasers Logistics & Industrial Trust has exercised call options to acquire two industrial properties in Melbourne and Brisbane for a total consideration of AUD69.2 million (SGD71.2 million).
The properties are namely 111 Indian Drive in Keysborough, Melbourne, and Lot 1 Pearson Road in Yatala, Brisbane, respectively.
The Indian Drive property sits on 21,660 square metres of freehold land and is currently fully leased to Astral Pool Australia for a term of 15 years, while the Pearson Road property is a 99-year leasehold industrial building with gross leasable area 30,618 square metres and fully leased to ACI Operations for a term of six years.
With the acquisition, Frasers Logistics & Industrial Trust’s portfolio has now increased to 53 properties across five cities in Australia.
“We are pleased to be acquiring these two quality assets in less than three months post-listing, said,Robert Wallace, CEO of the REIT’s manager.
“These modern industrial properties, which are 100% pre-committed to incoming tenants, are completed ahead of schedule and will result in an immediate uplift to the DPU”, he added.
Frasers Logistics & Industrial Trust debuted on the Singapore Exchange in June 2016 with an initial portfolio of 51 properties, and call option rights to acquire three more from its sponsors, Frasers Centrepoint Limited, post-listing.
Units of the industrial REIT last changed hands on the Singapore Exchange at SGD0.975.