SINGAPORE (Jan 23): Frasers Property Limited (FPL) is set to acquire Lakeshore, Bedfont Lakes business park in London for £135 million (S$238 million) through its indirect subsidiary Frasers Property Holdings UK, the group reported on Thursday.
The group has entered into a sale and purchase agreement to acquire a 100% stake in Bedfont Lakes (Holdings) Limited, which owns the freehold interest in the business park.
The park, which is located at Bedfont Lakes, Feltham, Middlesex, comprises three individual high-specification office buildings and has a net lettable area of 25,270 sqm. The property is also leased on a long-term basis as the United Kingdom headquarter campus for multinational tech firm Cisco Systems Limited.
FPL says that the acquisition cost is payable in cash, and will be funded from internal resources.
The group adds that the acquisition is not expected to have any material impact on its earnings per share and net tangible asset value per share for the current financial year.
As at 9.36am, shares in Frasers Property are trading flat at $1.73.