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Frasers begins work to spin off Australian logistics assets into S-REIT

FrasersCentrepoint Ltd. confirmed a report that it is planning tospin off some of itsAustralian logistics and industrial assets and them on the Main Board of SingaporeExchange Securities Trading Ltd.

The company said it has submitted relevant applications forthe proposed listing to the city-state's regulatory authorities, including the SGX-STand Monetary Authority of Singapore. The listing is also subject to marketconditions and other approvals.

"The company wishes to reiterate that no decision hasbeen made as to whether the transaction will take place and there is currentlyno certainty that the company will proceed with the offering," Fraserssaid May 9.

The (Singapore) Business Times had noted the same daythat the new REIT, likely to be named Frasers Logistics and Industrial Trust,is expected to float in June, and could be worth between S$800 million andS$900 million. The entity may also acquire business parks from third parties,and the REIT's initial portfolio could comprise more than 50 properties.

DBS and Citi are acting as global coordinators for theoffering. OCBC, United Overseas Bank and Morgan Stanley are also believed to beparticipating in the offering, according to the report.

Frasers already manages three other REITs: , andFrasers Hospitality Trust.

As of May 6, US$1 wasequivalent to S$1.36.