FLCT acquires property in new UK business park for S$51.5m

The property will be developed into a freehold high-specification facility

Frasers Logistics & Commercial Trust (FLCT), through its wholly-owned subsidiary, Worcester Property Co Limited, has acquired a property in West Midlands, United Kingdom for a maximum consideration of $51.5m (£28.3m).

In a bourse filing, FLCT said it will fund the acquisition through internal resources and/or existing debt facilities. 

The FLCT will also fund the development of the property located at Worcester Six business park to a  freehold high-specification facility.

FLCT CEO Robert Wallace said the acquisition will “further enhance FLCT’s portfolio metrics while providing unitholders with a stable and long-term income stream.”

Upon the completion of the development of the property which is expected by the first quarter of 2023, the facility will be leased to Alliance Flooring Distribution Limited for 15 years.