Frasers Centrepoint acquires three German companies

Frasers Centrepoint Ltd 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. PHOTO: FRASERS CENTREPOINT

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.

Follow ST on LinkedIn and stay updated on the latest career news, insights and more.