Take a fresh look at your lifestyle.

Singapore’s Frasers Property seeks to take hospitality trust private

Singapore's Frasers Property seeks to take hospitality trust private © Reuters.

SINGAPORE (Reuters) -Singapore-listed Frasers Property Ltd, part of Thai tycoon Charoen Sirivadhanabhakdi’s TCC Group, proposes to take unit Frasers Hospitality Trust private in a deal that values it at S$1.35 billion ($970 million).

Frasers Property (FPL Group) is offering S$0.70 cash for each of the shares in the real estate investment trust that it and related parties do not already own, the target and intending buyer said in a joint statement on Monday.

The group and related parties own about 63% of the trust, company executives said.

The price is 6.1% higher than the last closing price for Frasers Hospitality Trust.

The trust has a S$2 billion property portfolio that includes hotels and serviced residences across Asia, Australia and Europe. It has been seeking to improve its valuations in a challenging market and had considered many options.

The companies highlighted Frasers Hospitality Trust’s small size versus its peers in a market where scale and size were essential to liquidity and growth as among the challenges for the trust’s continued listing.

($1 = 1.3911 Singapore dollars)

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More