SINGAPORE: Singapore-listed Frasers Property, part of Thai tycoon Charoen Sirivadhanabhakdi's TCC Group, proposes to take unit Frasers Hospitality Trust private in a deal that values it at S$1.35 billion .
Frasers Property and related parties are offering S$0.70 cash for each of the shares in the REIT that they do not already own, the target and intending buyers said in a joint statement on Monday .The price is 6.1 per cent above the last closing price for Frasers Hospitality Trust. The REIT has a S$2 billion property portfolio that includes hotels and serviced residences across Asia, Australia and Europe. It has been seeking to improve its valuations in a challenging market and had considered many options.
Another challenge was the hospitality sector's muted growth in the markets where the REIT operates and the strengthening of the Singapore dollar against the firm's operational currencies, the companies said.