SINGAPORE - Singapore-listed Frasers Property Ltd, part of Thai tycoon Charoen Sirivadhanabhakdi's TCC Group, proposes to take unit Frasers Hospitality Trust private in a deal that values it at $1.35 billion.
Frasers Property and related parties are offering $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 $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.The companies highlighted Fraser Hospitality Trust's small size versus its peers in a market where scale and size were essential to liquidity and growth as among the challenges for the trust's continued listing.
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