Frasers Hospitality Asset Management issues clarification on sale of Australian asset

It said that there is no certainty or assurance whatsoever that any transaction will arise from its discussions.

Frasers Hospitality Asset Management said in a filing with the Singapore Exchange that there is no assurance that any transaction relating to Frasers Hospitality Trust’s (FHT) Australian asset, Sofitel Sydney Wentworth, will push through.

The explanation came following media reports which made reference to the sale of the hotel to Singapore-based property investment and development firm Royal Group Holdings.

“As part of FHT’s business, the managers constantly assess strategic options available to enhance value for stapled securityholders of FHT, which include portfolio rebalancing opportunities, with a view to optimise and unlock value in FHT’s portfolio,” the firm said. “Whilst the managers are in discussions with parties in relation to Sofitel Sydney Wentworth, there is no certainty or assurance whatsoever that any transaction will arise from these discussions.”

Frasers Hospitality Asset Management noted that it will make the appropriate announcement where there is any material development, in compliance with their obligations under the listing manual of the Singapore Exchange Securities Trading (SGX-ST).