It's now official, Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) are merging. The two trusts, sponsored by developer Frasers Property, will combine by way of the takeover of FCOT by FLT. The shareholders of FCOT will receive for each share:
- S$0.151 in cash
- 1.233 new FLT units
Along with this big news, FLT is also announcing the acquisition of a 50% interest in Farnborough Business Park in the United Kingdom for about S$157.7 million. The 50,882 m² property has a 99.1% committed occupancy rate and a WALE of 6.8 years. The purchase is expected to be DPU accretive.