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.”