Frasers Centrepoint Ltd.'s indirect subsidiary Frasers Property Investments (Europe) BV agreed to pay roughly €42.4 million for the acquisition of shareholding interests in three German companies that own two warehouse properties leased to a German car manufacturer.
Under the agreement, three subsidiaries of Frasers Property will buy respective 94.8% stakes in Logipark Moosthenning GmbH and H.Jäger Ges. für Projektentwicklung von Immobilien mbH, as well as a 100% stake in Simblafis GmbH, subject to certain conditions.
The three targets, which will become indirect Frasers Centrepoint subsidiaries after the acquisition, hold freehold interest in two warehouse facilities in the German municipality of Moosthenning that were valued at nearly €66.3 million as of August.
According to a news release, the unidentified car manufacturer is using the properties, which collectively have a gross leasable area of 72,558 square meters, as storage for automotive spare parts.
The Singapore-listed company said the acquisition cost, which is subject to potential adjustments, will be paid for in cash using a combination of borrowings and internal resources.