Frasers Centrepoint to acquire European real estate company for S$471.6 mil

SINGAPORE (April 17): Frasers Property International, the wholly-owned subsidiary of Frasers Centrepoint Limited (FCL), is acquiring an 86.56% stake in Geneba Properties N.V. for EUR 315.9 million (S$471.6 million or RM1.49 billion) from Catalyst RE Coöperatief U.A.

Following the acquisition, Frasers Property has also agreed to make an all-cash offer for the remaining 13.44% free-float interest in Geneba at an equivalent offer price of EUR 3.67 per depositary receipt.

Headquartered in Amsterdam, the Netherlands, Geneba is an European commercial real estate company listed on NPEX, the SME stock exchange in the Netherlands.

The portfolio it owns and manages primarily comprises long-lease logistics and industrial assets in Germany and the Netherlands, which according to FCL, are mission critical to its tenants.

In a Sunday press release, FCL’s group CEO Panote Sirivadhanabhakdi notes Geneba for its focused growth strategy, strong portfolio metrics and solid tenancy profile, as well as its management team with “strong execution capability, an established network of contacts, and a deep knowledge of tenant businesses”.

“The addition of [FCL’s] development capabilities will further strengthen Geneba’s offering. With a multi-geographic platform, there will be even more opportunities for cross-marketing to tenants and knowledge sharing. This acquisition is also in line with FCL’s overall strategic objective to achieve sustainable earnings by growing overseas and recurring income sources,” he concludes.

FCL intends to initiate delisting proceedings for Geneba once the acquisition is completed.

Shares of FCL closed 1 Singapore cent lower at S$1.79 on Thursday. — theedgemarkets.com.sg

For more stories, download TheEdgeProperty.com pullout here for free.