Singapore Investor Inks £170M UK Debut Shed Deal With IM Properties

209K SF Connexion Buildings, a speculative unit at IM Properties' Blythe Valley Park
Courtsey of IM Properties
Connexion Buildings, A 209K Sf Speculative Unit At Im Properties' Blythe Valley Park

Singapore-based Frasers Logistics & Commercial Trust is buying 659K SF of West Midlands assets from local developer IM Properties as part of a £290M deal.

Blythe Valley Park and the Connexion development at Solihull are included in the £170M UK element of the sale, the buyers said in a statement.

This is the trust's debut in the UK logistics market, and it comes along with buys in Germany and the Netherlands.

The Frasers business is controlled by Thai tycoon Charoen Sirivadhanabhakdi, the kingdom’s largest property developer reported to be worth $10.5B.

Connexion is a five-building warehouse complex totalling 210K SF. Tenants include Hofer Powertrain, Lounge Underwear and fitness apparel maker Gymshark.

The neighbouring Blythe Valley Park totals 448K SF and hosts offices for Lounge Underwear, Gymshark and flexible workspace provider Regus. The office park also has 7.4 acres of land that could provide for development of additional logistics space.

The agreed price for FLCT’s new set of assets represents a discount of 2.5% to the book value, Frasers said.

“The new acquisitions provide FLCT with a long-term income stream from a lineup of high-quality and diversified tenants," Chief Executive Robert Wallace said. "The tenants also strengthen our global customer network and provide further exposure to attractive growth sectors. Furthermore, FLCT’s maiden third-party acquisition of the properties in UK with a site available for development as a potential value-add opportunity showcases FLCT’s deal-sourcing capabilities to identify value for its unitholders.”

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Birmingham Newsletters
Related Stories

Brookfield's GGP Lines Up $800M CMBS Refi Of 2.4M SF Suburban Chicago Mall

Greenspoint Mall To Get New Life As Industrial Park

Northmarq Adds Thirdline Capital Management To Investment Platform

CUNY Buys Historic Bronx Post Office For $201M

WareSpace Expands Microbay Flex Industrial Concept With South San Francisco Acquisition

Tesco And Thor Equities Deals Put Dublin Logistics Back In Investor Spotlight

BREIT Lines Up $1.7B CMBS Loan For 19M SF Industrial Portfolio

Galvanize Pays $94M For Milpitas Industrial Portfolio

Global Volatility Giving Boston Industrial Tenants Pause On Long-Term Deals

FedEx's Consolidation Plan Puts $3B Of CMBS Debt In Crosshairs

DWS Plans Liquidation Of Nontraded REIT After Heightened Redemption Activity

Ruben Cos. Says It Can't Sell, Finance Navy Yard Multifamily Project