Frasers Logistics & Commercial Asset Management Pte. Ltd., the manager of Frasers Logistics & Commercial Trust (“FLCT” and the manager of FLCT, the “REIT Manager”), is pleased to announce the proposed acquisition of a fully leased freehold suburban commercial property in Mount Waverley, Victoria, Australia (the “Property”) from an unrelated third party, Fortune Building No.3 Pty Ltd (the “Acquisition”). The asset purchase consideration for the Property is A$60.25 million (approximately S$58.4 million) (the “Purchase Consideration”).

The Purchase Consideration was negotiated on a willing buyer and willing seller basis and taking into consideration the independent valuation conducted by CIVAS (VIC) Pty Limited (“Colliers”) at A$60.25 million (approximately S$58.4 million) as at 30 April 2022. The Colliers valuation is based on the capitalisation and discounted cash flow approaches and referenced comparable market transactions. The acquisition is expected to complete on 20 May 2022.