F&N's property division in the spotlight
After hospitality bid, attention now on rest of $8.2b property business
The $1.4 billion offer lodged out of the blue for Fraser & Neave's (F&N) hospitality business last week has focused the market's attention on the conglomerate's wider property division.
The offer from Overseas Union Enterprise for Frasers Hospitality includes a 20 per cent premium to the asset value, which was assessed at about $1.17 billion as at June 30.
This includes serviced apartments such as Fraser Place Singapore and Fraser Suites Beijing, as well as other buildings across the world.
Frasers Hospitality has been expanding aggressively, growing into one of the leading Asian brands in the sector. It is expected to own or manage 73 properties in 39 cities, with more than 12,200 apartments, by 2014.