Frasers Logistics & Commercial Trust invests in warehouse development in the United Kingdom
Frasers Logistics & Commercial Asset Management Pte. Ltd., the manager of Frasers Logistics & Commercial Trust, announced that through its wholly owned subsidiary, Worcester Property Co., it has acquired a property to be developed at Worcester Six, a new business park in the West Midlands, U.K. The acquisition is from an unrelated third party, Stoford (Worcester) Limited, with FLCT to fund the development of the new facility.
The all-in maximum consideration for the Proposed Acquisition on a completed basis is £28.3 million (€33.26 million/$37.65 million).
The development of the property is expected to be completed in first quarter 2023.
Robert Wallace, CEO of the REIT Manager, said, “The acquisition through a forward funding agreement for a prime, freehold high-specification facility in the United Kingdom is the continuation of our strategy to grow FLCT’s core logistics and industrial portfolio in existing markets. With a committed lease term of