Frasers Centrepoint buys Australand for $2.46 billion: Reuters

The bidding race has been won.

Singapore’s Frasers Centrepoint Ltd (FCL), has reached a deal to buy Australia’s Australand Property Group (ALZ.AX) for about AUD2.6 billion or $2.46 billion.

Frasers Centrepoint is backed by Thai billionaire Charoen Sirivadhanabhakdi, whose appetite is growing for acquisitions outside Thailand after he took over conglomerate Fraser and Neave in an $11 billion deal last year.

FCL trumped competitor Stockland Corp Ltd, who offered AUD2.5 billion and owns 15.7% of Australand.

Here’s more from Reuters:

Australand said a statement on Tuesday it has entered into an agreement with FCL under which the Singapore firm's wholly-owned subsidiary will make an offer to buy Australand's stapled securities for A$4.48 each.

The deal has to be approved by at least half of Australand's shareholders and Australia's Foreign Investment Review Board.

Australand directors have unanimously recommended FCL's offer.

FCL was spun off from F&N and listed in Singapore in January and this month a hospitality trust backed by Charoen's real estate units is raising nearly $300 million in a Singapore initial public offering.

The Singapore firm is 59 percent owned by Charoen's investment company TCC Assets Ltd and 29 percent owned by his Thai Beverage PCL.

Deutsche Bank and Standard Chartered Bank are the financial advisers to FCL.

Australand was being advised by Fort Street Advisers, Macquarie Capital and King & Wood Mallesons.

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