SINGAPORE - Frasers Centrepoint Ltd (FCL) has entered into a conditional sale and purchase agreement to acquire three German-incorporated for €42.4 million (S$67.83 million), it said on Tuesday night (Oct 10).
FCL will acquire a 94.8- per cent interest in Logipark Moosthenning and H Jager Ges fur Projektentwicklung von Immobilien and a 100-per cent of Simblafis. These entities hold, in aggregate, the freehold interest in two warehouse facilities located in Bavaria, Germany and a photovoltaic system located on the roof of one of the warehouses.
The properties, located in Oberes Feld 2, 84164 Moosthenning, are leased on a long-term basis to a leading German car manufacturer, which warehouses automotive spare parts there. They have a gross lettable area of 72,558 square metres.
The purchase price took into account the valuation of the assets at about €66.25 million (S$105.99 million) as of August and the existing debt of the companies.
The acquisition will be funded from borrowings and internal resources.