Frasers Logistics & Commercial Trust (FLCT) is procuring a freehold development asset in Cheshire, North West England, for a total acquisition outlay of GBP103.5 million (SGD176 million).

The outlay consist of an acquisition consideration of GBP101 million, and other professional fees.

The asset is being acquired from Stoford Properties and FLCT will fund the development of a logistics asset on the site, which will be leased to automotive company Peugeot on a 15-year term.

“The forward funding acquisition presents an excellent opportunity to add a state-of-the-art logistics facility to FLCT’s growing UK logistics and industrial portfolio”, said Robert Wallace, CEO of the REIT’s manager.

“With a committed 15-year lease term to Peugeot, a subsidiary of the global automaker Stellantis Group, the property will serve as its national distribution centre upon completion", he added.