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Singapore-based Frasers Centrepoint Limited (FCL) has acquired a 76.5 percent stake in a company that owns a German automotive logistics facility for €20.5 million (S$32.1 million).
According to an SGX filing last Friday (7 July), the acquisition was carried out by FCL’s indirect subsidiary Geneba Properties N.V. via its wholly-owned unit Geneba RE19 B.V.
The acquiree is Harder, Gutperle, Harder & Gutperle GmbH GbR, a firm that holds freehold interest in two industrial warehouses in Germany currently leased to a leading German automobile maker on a long-term basis. The tenant uses the logistics facilities to store its cars as well as to review, inspect and sort spare car parts.
Situated at Interpark 10/22 in Offenbach an der Queich between Mannheim and Karlsurhe in Southwest Germany, the assets have a combined gross lettable area of 38,870 sq m.
The consideration of €20.5 million, which excludes transaction costs, was arrived after taking into account the property’s valuation of around €22.0 million (approx. S$34.5 million) by Bilfinger GVA as of 20 December 2016.
The payment will be funded by a combination of loans and internal resources.
Upon completion of the transaction, the acquiree will become an indirect subsidiary of FCL, but the deal is not expected to have any material effect on the group’s earnings per share and net tangible asset value per share for the fiscal year ended 31 March 2017.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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