Frasers Property to Divest Stakes in European Properties for EUR215 Million
MT Newswires05-26 12:29
Frasers Property's (SGX:TQ5) subsidiaries, Frasers Property Investments (Europe) and FPE Investments RE11, signed a conditional share purchase agreement with FLT Europe to divest their stakes in four property holding companies in Germany and the Netherlands for 214.9 million euros in cash.
Shares of the property developer were down nearly 1% in Tuesday trading.
FLT Europe is a subsidiary of Frasers Logistics & Commercial Trust (SGX:BUOU), while the four property holding companies own four logistics properties, according to a Monday bourse filing.
The disposal is part of the company's strategy to recycle capital to optimize capital productivity.
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