Frasers Logistics & Commercial Trust disposes Queensland cold storage for AUD152 million

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Frasers Logistics & Commercial Trust (FLCT) has divested its remaining 50% stake in a cold storage facility at 99 Sandstone Place, Parkinson, Queensland, Australia for AUD152.5 million (USD108 million).

Subsequently, the REIT has entered into agreements to acquire a freehold logistics property in Australia, and a business park property in the UK.

The Australian property features about 14,000 square metres of net lettable area, while the UK property, Maxis Business Park, has 18,000 square meters of leasable space.

Both the Australian and UK properties are 100% occupied, and feature weighted average lease expiry (WALE) of 4.9 and 6.7 years respectively.

The Australian acquisition is approximately AUD22.5 million, while the UK property is approximately GBP67.34 million.

“The proposed acquisitions are in line with the manager’s acquisition growth strategy to acquire good quality income-producing assets that provide attractive cash flows and yields”, said the REIT.

FLCT was last done on the Singapore Exchange at SGD1.37, which implies a distribution yield of about 5% according to data compiled on the Singapore REITs table.

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