Frasers Logistics & Industrial Trust to divest Australia facility for A$17.25m.
FRASERS Logistics & Industrial Trust's manager announced on Friday that it will be divesting its property at 63-79 South Park Drive, Dandenong South, Victoria, Australia for A$17.25 million .
The sum is at a 13.1 per cent premium to the property's book value of A$15.25 million as at Sept 30 2018, and a 4.5 per cent premium to the original purchase price of A$16.5 million at FLT's initial public offering in 2016. The estimated net proceeds from the proposed divestment is approximately A$16.7 million, after taking into account divestment fees of A$862,502 to be paid to the Reit Manager and other divestment-related expenses.
The net divestment proceeds may be used for funding potential acquisition opportunities, reducing existing debt and other general corporate purposes.Robert Wallace, CEO of the Reit Manager, said:"63-79 South Park Drive is an older, non-core manufacturing-suited facility with an imminent lease expiry. The proposed sale of the Property is timely and in line with our proactive asset management and portfolio rebalancing strategies.
The proposed divestment is expected to be completed by the first half of 2019 and is not expected to have any material impact on the net asset value and distribution per unit of FLT for the financial year ending Sept 30, 2019.
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