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Frasers Logistics & Industrial Trust (FLT) completed the acquisition of an upcoming office warehouse in Melbourne, Australia for AU$15.8 million on Tuesday (15 August), said an SGX filing.
Known as the Stanley Black & Decker Facility (pictured), the property consists of a one-storey office and high-clearance warehouse that is slated for completion by November 2017.
With a gross floor area of 21,772 sq m, it sits on a land parcel spanning 40,250 sq m within the Key Industrial Park approximately 25 km southeast of Melbourne’s Central Business District and 46 km from Melbourne Airport.
Its pre-committed tenant is Stanley Black & Decker, a Fortune 500 company that makes industrial tools and household hardware. The Connecticut-based and New York-listed firm also manufactures security products, including locks.
FLT announced in June that it was acquiring three properties presently under construction and four completed ones in Australia for a total of about AU$169.3 million. Among them is the Stanley Black & Decker Facility.
As for the remaining upcoming property to be acquired, the Clifford Hallam Facility, its acquisition will occur at a later date.
Expected to be completed by May 2018, the Melbourne property comprises a two-storey office and high clearance temperature controlled warehouse with eight loading doors. It has a gross floor area of 21,200 sq m and a land area of 35,162 sq m, while its pre-committed tenant is Clifford Hallam Healthcare.
Furthermore, the purchase of the Stanley Black & Decker Facility was fully funded by the S$78.8 million Private Placement announced on 27 June 2017 that offered 78,000,000 new FLT units for S$1.01 apiece.
On the other hand, S$4.7 million of the gross proceeds will partly finance the acquisition of the Clifford Hallam Facility.
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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