Singapore Exchange (SGX) Mainboard-listed Frasers Property Limited (FPL) is integrating its industrial and logistics operations in Australia and Europe into a combined platform with S$5.4 billion ($3.97 billion) assets under management (AUM), according to a company release.
The restructuring is targeted to integrate its asset management and third-party capital management across the industrial and logistics markets in Australia and Europe.
The new platform, when fully operational in FY2020, will be led by Reini Otter as chief executive officer, and Matt Knox as the chief financial officer. The platform will also function as a discrete strategic business unit.
“Our industrial and logistics businesses in Australia and Europe have grown rapidly over the past five years, from S$1.6 billion ($1.18 billion) to S$5.4 billion ($3.97 billion). We are building upon our multi-national industrial and logistics capabilities to better support the Group’s growing investment in this asset class for the long-term, in a focused and integrated fashion”, said Panote Sirivadhanabhakdi, FPL’s CEO.
The new platform is expected to explore ways to leverage existing connections across Europe, Australia, and Southeast Asia. It will also work closely with the group’s Thai subsidiary, Frasers Property Thailand (FPT), one of the country’s largest industrial and logistics operators.