Meanwhile, FLCT's manager noted that the logistics property is"well located" in south-eastern Melbourne within the established Braeside Industrial Estate which is popular for both occupiers and investors due to strong market fundamentals, low vacancy levels and limited supply. The UK business park is also"strategically" located in the largest regional economy outside of London and in a high-tech region in the UK, the manager said.
The Australian logistics property is located at 75-79 Canterbury Road, Braeside in Victoria. Its purchase price is about A$22.5 million under the proposed deal. The facility's existing co-owner, which is managed by DWS Investments Australia, has signed a contract of sale with the trustee of a FLCT sub-trust.
Its manager pointed out that the latest proposed sale price of A$152.5 million is at a 12.2 per cent premium to the A$135.9 million book value of the property as at June 30, 2020, and is also 13.6 per cent higher than last year's sale price for the first half stake.Meanwhile, in a quarterly business update on Monday night, the manager also reported that FLCT's revenue nearly doubled to S$103.7 million for the three months ended June 30, 2020, from S$54.1 million a year ago.