Frasers Logistics & Industrial Trust acquires two Aussie properties for $71m

 Pearson Road property is one of two properties acquired by Frasers Logistics & Industrial Trust for a total of S$71.2m.
Pearson Road property is one of two properties acquired by Frasers Logistics & Industrial Trust for a total of S$71.2m.PHOTO: FRASERS LOGISTICS & INDUSTRIAL TRUST 

Singapore - Frasers Logistics & Industrial Trust (FLT) has exercised two call options to acquire two properties in Australia for a total of A$69.2 million (S$71.2 million).

The freehold property at Melbourne, Victoria, has a gross lettable area (GLA) of 21,660 square metres and is located about 25 km south east of the central business district. It is fully leased to Astral Pool Australia Pty Ltd for 15 years.

The other property in Brisbane, Queensland lies on 99-year leasehold land with a GLA of 30,618 sqm and is located near the Pacific Motorway. It is also fully leased.

Commenting on the acquisitions, Mr Robert Wallace, chief executive officer of the Reit manager, said: "We are pleased to be acquiring these two quality assets in less than three months post-listing. In addition, these modern industrial properties, which are 100 per cent pre-committed to incoming tenants, are completed ahead of schedule and will result in an immediate uplift to the DPU."

FLT said the acquisitions will raise its distribution per unit (DPU) from 1.36 Singapore cents before the completion of the call option acquisitions to 1.39 cents after.

The appraised value of its quality portfolio will also increase, by 4.4 per cent to an aggregate of about A$1.65 billion (S$1.70 billion3.

FLT's enlarged portfolio will now comprise 53 industrial properties with a GLA of approximately 1.21 million sqm.