FLCT Divesting in Cross Street Exchange
[Jan - 25 - 2022] Frasers Logistics & Commercial Trust (FLCT) announced divestment of Cross Street Exchange valued at $810.8m.
The agreement includes a sale and purchase agreement with an unrelated third-party purchaser for the sale of the leasehold property at 18, 20, and 22 Cross Street, Singapore. A 28.3% premium was also seen from the property’s book value of SGD632m. After the deal, FLCT’s portfolio including logistics and industrial will increase to 66.9% from 61.1%, previously.
“The divestment of Cross Street Exchange is transacted at an attractive premium over its book value, re-weighting our portfolio towards logistics and industrial properties.” said Robert Wallace, CEO, FLCT.
- APMR News