SINGAPORE (Apr 29): Following its merger announcement on Dec 2, 2019, the enlarged REIT comprising Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) will be known as Frasers Logistics & Commercial Trust (FLCT) with effect from Wednesday.
The total consideration for the proposed merger comprises $138.1 million in cash and some 1,128.1 million consideration units.
See also: FLT, FCOT unitholders vote overwhelmingly in favour of merger to create $5.7 bil behemoth
The Manager of FLCT will replace Frasers Commercial Asset Management (FCOAM) as manager of FCOT.
In addition, Frasers Logistics & Industrial Asset Management has been renamed to Frasers Logistics & Commercial Asset Management with effect from Tuesday.
Robert Wallace, CEO of FLCT’s Manager, says, “The Merger brings together the strengths and capabilities of two established players in the logistics, industrial and commercial spaces. With FLCT’s expanded management capabilities and network, we are well-positioned to offer our customers a wider suite of real estate tenancy solutions across asset classes and geographies. It also equips us with increased flexibility to pursue a broader range of growth opportunities.”
Frasers Commercial Trust (FCOT) will be delisted from the Main Board of Singapore Exchange Trading Securities Limited (SGX-ST) from 9 am on Wednesday. It will thereafter become an unlisted sub-trust of FLCT.
