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A S$1.58 BILLION merger between Frasers Logistics & Industrial Trust (FLT) and Frasers Commercial Trust (FCOT) has been proposed by the managers of both real estate investment trusts (Reits).
The proposed deal will be by way of a trust scheme of arrangement, which will see FLT acquiring all units of FCOT for about S$1.54 billion, the managers said on Monday in a bourse filing.
FLT will pay the scheme consideration via a combination of cash and the issuance of new FLT units to FCOT unitholders.
For each FCOT unit they hold, FCOT unitholders will receive S$0.151 in cash and 1.233 new FLT units at an issue price of S$1.24 apiece. This means FCOT unitholders will be paid a scheme consideration of S$1.68 for each FCOT unit held, which implies a gross exchange ratio of 1.355 times.
This represents a premium of around 0.6 per cent, 3.5 per cent and 8.2 per cent to FCOT's last traded price on Nov 27, one-month volume-weighted average price (VWAP) and 12-month VWAP, respectively.
The total cost of the proposed merger will be around S$1.58 billion. This comprises the S$1.54 billion scheme consideration, as well as a S$11.2 million acquisition fee and S$35 million in professional and other fees.
Real estate related news stories from Singapore
- Robinson Centre close to being sold: sources
- From newspaper delivery boy to real estate leader
- Frasers Property to merge two Reits into $5.7 billion entity
- Chart of the Day: Share of resold low-cost condos edged up to 24.9% in Q3
- FLT and FCOT propose merger for $1.54b
Asian property news round up
- HK property faces trust deficit
- STP2A reclamation completed with maiden launch anticipated end 2020
- Bright prospects for FDI in Vietnamese property market
- Asia Real Estate People in the News 2019-12-02
- Cushman Leads Brokerage Wins with HK$378M HSBC Deal in Kwun Tong
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Previous news selection
Record M&A in Singapore property managers as investors pile in
About Agent.sg Daily Property News Selection
Agent.sg's Daily Property News Selection brings you the most important property market news in and around Singapore. We list the best articles on real estate development, property investment and on the property listing market on a daily basis - whoever stays out, misses out.
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