FLCT to divest Cross Street Exchange for $810.8m
The value represents a 28.3% premium over the property’s book value of $632m.
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 $632m. 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. The divestment will enhance our portfolio metrics with a higher overall portfolio occupancy rate and longer WALE and will provide FLCT with significant financial strength and flexibility,” said Robert Wallace, CEO, FLCT.