Frasers Property Limited (FPL), on Feb 11, announced its plans to raise $1.28 billion via a rights issue to strengthen its balance sheets and enhance business resilience by increasing exposure in the industrial/logistics/business parks segment. 

The sum will be raised through the issuance of up to 1,085.3 million new shares at $1.18 per unit.

FPL’s management has indicated that it intends to use $700 million of the proceeds for the acquisition, investment and capital expenditure involved in developing industrial logistics and business park assets. $250 million will be used to develop private funds and joint ventures to invest in property assets. These include commercial and ancillary assets. 

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