Frasers Centrepoint unit acquires 76.5% stake in German car warehouse owner for 20.5m euros

SINGAPORE - Frasers Centrepoint (FCL) said on Friday (July 7) that its unit has entered into a conditional sale and purchase agreement to acquire a 76.5 per cent stake in German car warehouse owner for 20.5 million euros (S$32.1 million).

The German firm - Harder, Gutperle, Harder & Gutperle - holds the freehold interest in an automotive logistics facility comprising two industrial warehouses in Germany, which are leased on a long-term basis to a leading German car manufacturer.

The property in south-west Germany has a gross lettable area of 38,870 sq m. It was valued at approximately 22 million euros on Dec 20, 2016.

The purchase price is payable in cash and will be funded from borrowings and internal resources, said FCL.