Frasers Logistics & Commercial Trust Invests In Forward Funding Acquisition Of A Prime Warehouse Development In The UK
December 1, 2021 – Frasers Logistics & Commercial Trust announced that it has acquired a property to be developed at Worcester Six, a new business park in the West Midlands, United Kingdom.
The all-in maximum consideration for the Proposed Acquisition on a completed basis is £28.3 million (approximately S$51.5 million) (US$37.77 million).
The development of the Property is expected to be completed in the first quarter of 2023.
Mr. Robert Wallace, Chief Executive Officer of the REIT Manager, said, “The acquisition through a forward funding agreement for a prime, freehold high-specification facility in the UK is the continuation of our strategy to grow FLCT’s core logistics and industrial portfolio in existing markets. With a committed lease term of 15 years to an international distributor of flooring products, the Proposed Acquisition is expected to further enhance FLCT’s portfolio metrics while providing unitholders with a stable and long-term income stream.”
“The acquisition is our second third-party acquisition, reaffirming FLCT’s deal-sourcing capabilities whilst scaling up our footprint in the attractive UK logistics real estate space, where demand and take-up levels are expected to remain strong.”
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