S$1.54 billion proposed merger of Frasers Logistics & Industrial Trust and Frasers Commercial Trust
A&G News 9 December 2019
Allen & Gledhill is advising Frasers Logistics & Industrial Asset Management Pte Ltd, in its capacity as manager of Frasers Logistics & Industrial Trust (“FLT", and as manager of FLT, the “FLT Manager”), as transaction counsel on the approximately S$1.54 billion proposed merger of FLT and Frasers Commercial Trust (“FCOT”).
The proposed merger will be effected through the acquisition of all the issued and paid-up units in FCOT, held by the unitholders of FCOT by way of a trust scheme of arrangement in compliance with the Singapore Code on Take-overs and Mergers, by Perpetual (Asia) Limited, in its capacity as trustee of FLT.
The enlarged REIT will hold approximately S$5.7 billion in assets across the Asia-Pacific, Europe and the United Kingdom, and is expected to be one of the top 10 S-REITs by market capitalisation, with a portfolio comprising around 2.6 million square metres of space in 98 properties across five countries.
Advising the FLT Manager are Allen & Gledhill Deputy Managing Partner Jerry Koh and Partners Christopher Koh, Foong Yuen Ping, Wong Yi Jia, Teh Hoe Yue and Eudora Tan.
Advising the FLT Manager on tax issues is Allen & Gledhill Partner Lim Pek Bur.
Advising the FLT Manager on competition and antitrust issues is Allen & Gledhill Partner Daren Shiau.