Frasers Logistics, Frasers Commercial to merge in $1.1b deal
Frasers Logistics & Industrial Trust (FLT) has agreed to buy Frasers Commercial Trust (FCOT) in a S$1.54 billion ($1.1 billion) deal.
Jack Lam, CEO of FCOT’s manager, said, “This merger will be transformational for both REITs, allowing us to tap on each other’s strengths to create an even more resilient and diversified platform. With the combined portfolio, we will be able to unlock synergies and explore new opportunities in the logistics, industrial and commercial sectors.”
Combined, the firm will have approximately S$5.7 billion ($4.2 billion) of assets from 98 properties totaling 2.6 million square meters (28 million square feet) of space across Singapore, Australia and Europe, including warehouses, offices and business parks.
Robert Wallace, CEO of FLT’s manager, said, “The merger will be a win-win transaction for both FLT and FCOT unitholders, delivering DPU accretion and greater growth prospects. The enlarged REIT will provide synergisti