FLCT acquires $58.4m prime freehold commercial property in Australia

The five-storey building is located in Mount Waverley, Victoria.

Real estate investment firm, Frasers Logistics & Commercial Trust (FLCT), purchased a prime freehold suburban commercial property in Australia for $58.4m (A$60.25m) to increase its management expertise in the Oceanian country.

The acquisition of the five-storey property, which is expected to be completed on 20 May, is located in Mount Waverley, Victoria.

With a total net lettable area of 7,297 square metres, the A Grade suburban office building also comprises two retail tenancies on the ground level and four upper levels of office space.

It is 100% leased to nine tenants with a weighted average lease expiry of over five years, as of 31 March 2022. 

FLCT’s manager CEO Robert Wallace said they seek to improve their quality tenant mix and portfolio following the Australian property acquisition.

“With the Property being 100% leased to reputable tenants in diverse industries, the Acquisition is expected to further enhance FLCT’s quality tenant mix and portfolio metrics, while providing unitholders with a stable income stream,” Wallace said in a statement.

$1 = A$1.03