It will grow the company’s property portfolio in Europe to $2.6b.
Frasers Property Limited, through Frasers Property Europe (FPE), will acquire 22 logistics assets in Germany and Austria mainly owned and managed by Alpha Industrial Holding S.A. Luxemburg for approximately $467.7m.
The assets are comprised of 16 completed logistics and light industrial facilities, with a combined Gross Leasable Area (GLA) of 393,800 sqm. Frasers Property will also acquire six logistical projects that are acquires as development and forward purchases with a GLA of approximately 162,500 sqm.
“Alpha Industrial complements our existing platform in Europe. From the business strategy perspective, Alpha Industrial has a focused strategy for growth, specialising in the development of green and brown-field properties for conversion into modern logistics and industrial facilities,” said Panote Sirivadhanabhakdi, group CEO of Frasers Property, in a press release.
The latest acquisition will grow FPE’s property portfolio to $2.6b and over 1.3m sqm of GLA.
Upon the completion of acquisition, Jörg Schröder, managing director of Alpha Industrial, will join FPE as chief investment officer.
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