Singapore-listed Frasers Logistics & Industrial Trust closed on its acquisition of 17 properties in Germany and four in the Netherlands from its parent, Frasers Property Ltd., for roughly €325.0 million.
The company used gross proceeds of about S$328.9 million from a recent private placement of new units to help fund the portfolio acquisition, with the balance of the purchase price partly pre-funded with a bridge loan facility.
Frasers Logistics will use proceeds of its recently launched preferential offering of new units for the repayment of the bridge loan, among other uses.
As of May 24, US$1 was equivalent to S$1.34.
