Frasers Logistics acquires property in the UK for $171.7m
The property has a total lettable area of 667,185 square feet.
Frasers Logistics & Commercial Trust (FLCT) acquired its fourth logistics property in the United Kingdom for $171.7m (£101.0m).
It was acquired from a UK-based property developer, Stoford Properties Ltd.
The property will be built on a 14.41-hectare site and will have a total lettable area of 667,185 square feet. Its development will be completed in the second half of 2023.
READ MORE: Frasers Logistics & Commercial Trust growth supported by $5.9b acquisition pipeline
After its completion, it will be leased to Peugeot Motor Company Plc (“Peugeot”) for a lease term of 15 years, serving as the company’s national distribution centre in the UK.
Post-acquisition, FLCT said its portfolio by value towards logistics and industrial will increase to 67.11% from 66.3%, whilst its weighted average lease expiry (WALE) will jump to 4.8 years from 4.6 years.
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