Distribution income at one-year-old Frasers Logistics & Industrial Trust higher than forecast

Frasers Logistics and Industrial Trust IPO assets in Australia.
Frasers Logistics and Industrial Trust IPO assets in Australia.PHOTO: FRASERS LOGISTICS

SINGAPORE - Frasers Logistics & Industrial Trust (FLT) recorded distribution per unit of 1.75 Singapore cents in the third quarter, the manager announced on Friday (July 28).

It posted a revenue of A$40.2 million (S$43.5 million) and net property income of A$30.8 million for the three months to June 30.

The results bring the trust's distributable income to its fourth straight quarter ahead of its initial public offering forecast, the manager said.

Chief executive of the manager Robert Wallace said: "The June quarter has been another strong period for FLT, marked by... the announcement of our acquisition of seven properties in the eastern seaboard of Australia, and FLT's first capital raise of 78 million units placed to institutional and accredited investors."

On Wednesday (July 26), unit holders approved the A$169.3 million acquisition of seven properties - FLT's first portfolio buy - which will be partially funded by proceeds from the private placement of 78 million new units at an issue price of S$1.01 a unit.

The real estate investment trust, which has a portfolio of Australian industrial properties, was listed on the Singapore Exchange in June 2016.

FLT units closed higher by one and a half Singapore cents, or 1.4 per cent, at $1.11, before the announcement.