Frasers Property (FPL) has announced a strategic initiative that should enable it to narrow the discount between share price and NAV by creating additional value. This involves the setting up of a new entity called Frasers Property Capital.
Says group CEO Panote Sirivadhanabhakdi: “We have set up Frasers Property Capital to invite like-minded partners to pursue opportunities together and to cultivate longer-term partnerships, share the risk and reward and work closely with our REITs. We have managed $18 billion of assets held under various partnerships and we are looking at a few capital partnerships in multiple geographical focuses.”
In January, FPL announced that Frasers Property Australia had “secured a major funding partner” for Midtown MacPark at Macquarie Park in Sydney’s northwest with Mitsui Fudosan. Midtown MacPark is being developed in stages over the next 10 to 12 years. FPL is working with the New South Wales government to deliver the $2.1 billion Midtown MacPark masterplanned mixed tenure community.