SINGAPORE (Reuters) - Two Singapore-listed real estate investment trusts under the Frasers Property group (FRPL.SI) said on Monday they planned to merge to create an entity that will hold assets worth S$5.7 billion ($4.2 billion).
The proposed merger of Frasers Logistics & Industrial Trust (FRAE.SI) and Frasers Commercial Trust (FRCR.SI), the latest in a string of consolidation moves in the sector, will cost about S$1.5 billion, mainly via the issuance of new units to existing investors.
hg0088如何开户“The Enlarged REIT will have a broadened investment mandate to invest in a wider spectrum of asset classes across logistics, industrial, office, business park and commercial properties,” the two trusts said in a joint statement.
The new entity will manage about 2.6 million square meters of space with about 300 tenants in 98 properties spread across five countries, the companies said.
hg0088如何开户The proposal is subject to approval from existing investors and the Singapore High Court.
Both trusts are currently managed by subsidiaries of Frasers Property Ltd (FRPL.SI).
hg0088如何开户($1 = 1.3639 Singapore dollars)
Reporting by John Geddie; Editing by Sriraj Kalluvila & Kim Coghill