Frasers sells nine German logistics properties to REIT
Singapore-based Frasers Property has sold additional logistics properties – nine in Germany and three in Australia – to its REIT, Frasers Logistics & Industrial Trust (FLT). The purchase price including liabilities is around €400mn, including €320mn for the nine German properties. These are located in Baden-Württemberg (Herbrechtingen, Tamm), Bavaria (Graben, Garching), and North Rhine-Westphalia (Bergheim, Ratingen, Bielefeld), as well as in Ketzin near Berlin and Obertshausen in southern Hesse. The properties in Graben and Ketzin involve two newly built Hermes logistics centers. Frasers had transferred a €550mn German-Dutch portfolio to the REIT just over a year ago. The news broke just yesterday that former European CEO Wulf Meinel had left Frasers in order to start his own logistics real estate company, StoneVest.
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