Singapore: Fraser Logistics, Roxy Pacific & Mapletree strike property deals

In latest real estate sector developments from Singapore-based players, Frasers Logistics & Industrial Trust is acquiring two call option properties while Roxy Pacific announced that it was buying Harbour View Gardens asset for $25 million. Also, Mapletree Logistics Trust said it was acquiring four Australian properties.

Frasers Logistics to acquire 2 call option properties for $52.17m

Pure-play Australian industrial REIT Frasers Logistics & Industrial Trust (FLT) is acquiring two call option properties in Melbourne and Brisbane for a combined fee of A$69.2 million ($52.17 million). Following the deal, the total value of FLT’s portfolio will increase by 4.4 per cent to $1.25 billion.

Its enlarged portfolio will constitute 53 industrial properties with a gross lettable area (GLA) of 1.21 million square meters.

The two acquisitions are funded by debt draw-downs of A$73 million ($55 million) from FLT’s five-year revolving credit facility of A$200 million (US$150 million) and working capital of about A$0.2 million (US$0.15 million).The acquisitions will aim to enhance FLT’s income stream stability.

The Melbourne property lies on 21,660 square meters of freehold land. It is located 25 km south of Melbourne’s CBD and is fully leased for 15 years to Astral Pool Australia.

Earlier this year, FLT launched a S$930 million ($683.7 million) initial public offering (IPO) on the Main Board of Singapore Exchange, drawing 15 cornerstone investors. Units of FLT closed 0.5 per cent higher at S$98 cents following the announcement of the call option properties being acquired.

Roxy-Pacific to acquire Harbour View Garden for $25m

Roxy-Pacific Holdings announced that its subsidiary, RH Developments, has entered into a conditional agreement to acquire freehold residential site Harbour View Gardens for  S$33.25 million ($25 million). This comes around three months after residents launched the project for collective sale.

The transaction is conditional upon approval from the Strata Titles Board. This is the second attempt of the sale, as three years ago, the proposed sale of the site to Roxy-Pacific Holdings for S$33 million was blocked by the High Court. The decision was upheld by the Court of Appeal.

The rejection was based on the fact that the public tender was launched even before the requisite 80 per cent of owners had agreed to the sale.

Roxy-Pacific says that the acquisition will be financed by internal funds and bank loans. The group’s consolidated earnings and net tangible assets for 2016 (FY16) will not be affected by this acquisition according to the firm.

Mapletree Logistics Trust acquires 4 Australian properties for $64m

Mapletree Logistics Trust Management, through its subsidiary Mapletree Logistics Trust (MLT), yesterday announced completing the purchase of four dry warehouse facilities in Sydney for A$85 million ($64 million). Following the acquisition, MLT now holds 122 properties in its portfolio, with a total book valuation of $3.81 billion.

The warehouses are located in Sydney’s outer central west region, within 4 to 10 kilometers from MLT’s existing facility, Coles Chilled Distribution Centre.

The warehouses account for a total gross floor area (GFA) of 52,907 square meters, located on freehold land of 123,320 square meters. One of the properties has an expansion-land of 11,504 square meters which can potentially yield an additional 6,840 square meters of GFA.

The acquisition is said to be funded by liquidity raised from the recent issuance of S$250 million ($183 million) of securities. The transaction was subject to approval from the  Australian Foreign Investment Review Board.

Following the sale, revenue contribution from Australia is said to account for 6.1 per cent of MLT’s overall gross revenue, up from a previous 4.3 per cent.

Also Read:

Singapore’s M&A momentum drops in 2016: KPMG

SG Realty Dealbook: China Maple Leaf in $68m deal; Shophouses for sale

SG Realty Dealbook: Perennial Real Estate to sell office floors, Kaki Bukit industrial units sale

Thailand: Dhara Dhevi’s JV to develop $145m realty project 

Lasalle predicts Singapore realty market bottoming out, to raise fifth Asia Opportunity Fund

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.