Dario Pignatelli/BloombergFrasers Logistics & Commercial Trust (FLCT), a real estate company controlled by Thai billionaire Charoen Sirivadhanabhakdi, agreed to buy six warehouse properties across Europe for S$548.7 million ($414 million) as the company seeks to benefit from increased demand for storage amid an e-commerce boom. The rest of the consideration for the properties spread across Germany, the Netherlands and the U.K. will be financed by borrowings. The company is buying the U.K. properties from British developer IM Properties. With a total net lettable space of 61,213 square meters, the U.K. properties are about 97% occupied and strategically located in West Midlands and near Birmingham, the country’s second-largest city. The four other target properties, which has a combined net lettable space of 62,115 square meters, is being bought by FLCT from its Singapore-based sponsor Frasers Property.

Source: Forbes May 25, 2021 09:10 UTC