Frasers Logistics & Commercial Trust nearly doubles revenue in Q3 amid Covid-19 pandemic

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SINGAPORE (THE BUSINESS TIMES) - The coronavirus pandemic has not had a material impact on Frasers Logistics & Commercial Trust (FLCT) which saw its third-quarter revenue almost double, the trust's manager said in its latest business update.. Read more at straitstimes.com.

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SINGAPORE - The coronavirus pandemic has not had a material impact on Frasers Logistics & Commercial Trust which saw its third-quarter revenue almost double, the trust's manager said in its latest business update.

"To date, the FLCT portfolio has not been materially impacted by the Covid-19 pandemic. However, the situation remains dynamic with ongoing uncertainty as to the impact it may have on the countries FLCT has a presence in," the manager said. FLCT has proposed to acquire a logistics property in the Australian state of Victoria as well as a business park in Thames Valley in the UK for a total of about $89.9 million in cash, from Frasers Property.

Frasers Property said in a separate announcement that the proposed divestments are in line with the group's strategy to recycle capital from stabilised investment properties via its real estate investment trusts ."This enables the group to both optimise capital productivity and support the growth of its Reits," the sponsor added.

The UK property, named Maxis Business Park, is situated along Western Road, Bracknell. The estimated purchase price for this property is £37.7 million , which is the sum of a share consideration of about £18.6 million and a loan consideration of £19.1 million. Separately, FLCT is planning to sell its remaining 50 per cent interest in a cold storage facility at 99 Sandstone Place in Queensland, Australia for A$152.5 million.

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