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Singapore-listed Frasers Centrepoint Limited has acquired two warehouse facilities at Moosthenning in Bavaria, Germany for total of about €42.4 million (approx. S$67.83 million), revealed an SGX filing on Tuesday (10 October).
The freehold properties have a combined gross lettable area of 72,558 sq m and both are currently leased to a leading German car maker on a long-term basis. Moreover, one of the warehouses is fitted with a rooftop photovoltaic system.
Frasers said the acquisition is being carried out by its wholly-owned units FPE Investments RE1 B.V., FPE Investments RE2 B.V. and FPE Investments RE3 B.V., which are collectively known as the FPIE subsidiaries.
The transaction will be accomplished via the purchase of the entire share capital of Simblafis GmbH, as well as a 94.8 percent stake each in Logipark Moosthenning GmbH and H.Jäger Ges. für Projektentwicklung von Immobilien mbH.
The consideration excludes the transaction costs and takes into account the overall net asset value of the three companies and their existing debt plus BNP Paribas Real Estate’s valuation of €66.25 million (around S$105.99 million) on the properties as of August 2017.
“The purchase price is payable in cash and funded from borrowings and internal resources. It is subject to such adjustments as may be necessary in accordance with the sale and purchase agreement for the shares,” Frasers added.
This article was edited by Keshia Faculin.
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