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Frasers Logistics Trust to divest 80 Hartley Street for $90.5 mil

PC Lee Published on Wed, Jul 04, 2018 / 7:32 AM GMT+8

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SINGAPORE (July 4): Frasers Logistics & Industrial Trust (FLT) is divesting 80 Hartley Street, Smeaton Grange, New South Wales, Australia for A$90.5 million ($90.5 million).

Manager Frasers Logistics & Industrial Asset Management says the proposed divestment is in line with the REIT Manager’s proactive asset management and portfolio rebalancing strategies. FLT is expected to recognise an estimated net gain of A$17.7 million ($17.7 million) over the book value of the property.

If the transaction had taken place on June 20 2016, the company guided for a decline in DPU of 0.18 cents to 8.67 cents, and NAV reduction to 0.89 cents from 0.94 cents from June 20 2016 to Sept 30 2017.