Frasers Logistics and Industrial Trust Divests 80 Hartley Street Asset

The manager for Frasers Logistics and Industrial Trust is full of action. After the recent aggressive acquisition of Germany and Netherlands assets, it has recently announced a divestment of one of its Australian asset.

Frasers Logistics and Industrial Trust will be divesting one of its Australian asset (“80 Hartley Street, Smeaton Grange, NSW”) for A$90.5 million (S$90.5 million). The Property was purpose-built for Coles Supermarkets Australia Pty Ltd and will have a remaining lease term of approximately five years, upon extension of the existing lease.

The sale consideration is 40.3% above the book value of the Property of A$64.5 million (approximately S$64.5 million) as at 31 March 2018 and at a 39.2% premium over the original purchase price paid by Frasers Logistics and Industrial Trust of A$65.0 million (approximately S$65.0 million). There will be a divestment fee of A$452,500 paid to manager.

The estimated divestment gain over the book value of the Property is approximately A$17.7 million (approximately S$17.7 million). Read More