Frasers Logistics & Commercial Trust to divest a leasehold property in Port Melbourne for $30m
Frasers Logistics & Commercial Asset Management Pte. Ltd., the manager of Frasers Logistics & Commercial Trust (FLCT), has entered into a sale and purchase agreement with an unrelated third-party purchaser, for the sale of a leasehold property at 2-24 Douglas Street, Port Melbourne, Victoria, Australia, for a consideration of A$42.5 million ($30. 18million).
Robert Wallace, CEO of the REIT manager, said, “This proposed divestment of our leasehold property at Port Melbourne is transacted at an attractive premium over its book value. It is a timely divestment that resonates well with our strategy to realize value from non-core properties. The divestment will also provide us with greater financial strength and flexibility.”
The proposed divestment is expected to be completed by the first half of 2022.
The proposed divestment of this non-core leasehold property is also in line with the REIT manager’s proactive asset management and portfolio rebalancing