Singapore's Frasers Logistics & Industrial Trust is buying seven Australian assets from Frasers Centrepoint Ltd.'s Frasers Property Australia Pty. Ltd. for A$169.3 million.
The portfolio consists of four completed and three under-development properties in Sydney, Melbourne and Brisbane, with the latter three expected to be completed over the next 12 months. The assets, which are all fully leased or pre-committed, have a weighted average lease expiry of 9.6 years.
Frasers Property Australia Executive General Manager Reini Otter said Stanley Black & Decker, Clifford Hallam Healthcare, Beaulieu Carpets, CEVA Logistics and Ecolab are some of the tenants of the seven properties. "The Commercial & Industrial division [of Frasers Property Australia] is in a restocking phase with recent successful transactions in Sydney and Melbourne," Otter added in a statement.
The purchase price is subject to adjustments based on the actual gross lettable area of the portfolio, pending the completion of the three properties that are under development. The maximum amount Frasers Logistics agreed to pay for the portfolio is about A$171.5 million.
As of June 5, US$1 was equivalent to A$1.34.