FLT to buy logistics facilities in Germany and Australia for $612.5m

These properties have a total gross lettable area of approximately 297,000sqm.

Frasers Logistics & Industrial Trust has entered into various sale and purchase agreements with subsidiaries of Frasers Property Limited (FPL) to acquire interests in nine freehold logistics properties located in Germany and three in Australia for a total of $612.5m.

The aggregate of the property purchase price of the German properties is about $493.3m, whilst the Australian properties cost $119.2m. Its aggregate consideration is at $481.8m.

These properties have a total gross lettable area of approximately 297,000sqm and are said to be located within the major logistics hubs of Germany and Australia. Its weighted average lease expiry is 8.6 years.

“The Proposed Acquisition will strengthen FLT’s attributes through geographical diversification, higher proportion of freehold properties, reduced tenant concentration and a longer WALE of 6.7 years, from 6.5 years as at 31 March 2019,” said Robert Wallace, CEO of FLT.