FPL’s management has indicated that it intends to use $700 million of the proceeds for the acquisition, investment and capital expenditure involved in developing industrial logistics and business park assets. $250 million will be used to develop private funds and joint ventures to invest in property assets. These include commercial and ancillary assets.
Frasers Property Limited (FPL), on Feb 11, announced its plans to raise $1.28 billion via a rights issue to strengthen its balance sheets and enhance business resilience by increasing exposure in the industrial/logistics/business parks segment.
The sum will be raised through the issuance of up to 1,085.3 million new shares at $1.18 per unit.
