Singapore-based Frasers Logistics & Commercial Trust (FLCT) has acquired an office in Australia for A$60.3m (€40.2m).
The five-storey, A-Grade suburban office in Melbourne has a total net lettable area of 7,297sqm. The building is fully-let to nine tenants with a weighted average lease expiry of approximately five years.
Robert Wallace, Frasers Logistics & Commercial Trust CEO, said: “The acquisition is aligned with our strategy to pursue strategic opportunities which provide attractive yields and enables us to leverage our management expertise in Australia.”
Wallace said the property was expected to further enhance FLCT’s quality tenant mix and portfolio metrics.
To read the latest edition of the latest IPE Real Assets magazine click here.