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Frasers Logistics buying 2 Australian properties from Frasers Property for A$63M

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Frasers Logistics buying 2 Australian properties from Frasers Property for A$63M

Frasers Logistics & Industrial Trust agreed to buy two prime industrial properties in Australia from its sponsor, Frasers Property Ltd., for a total consideration of A$62.6 million.

Under the deal, Frasers Property's Frasers Property Australia Pty. Ltd. subsidiary is divesting the leasehold asset at 3 Burilda Close in Wetherill Park, New South Wales, and the freehold property at 103-131 Wayne Goss Dr. in Berrinba, Queensland, for A$31.5 million and A$31.1 million, respectively.

As of June 30, the New South Wales property has a gross leaseable area of 20,078 square meters and a weighted average lease expiry of 7.0 years, while the Queensland asset provides a gross leaseable area of 19,487 square meters and a weighted average lease expiry of 4.2 years.

Completion of the transaction will expand Frasers Logistics' portfolio to 82 properties and a total gross leaseable area of about 1.9 million square meters. Including the targeted Australian assets, the Singaporean trust's roughly A$2.9 billion portfolio will have a 99.3% occupancy rate and 7.06 years of weighted average lease expiry, as of June 30.