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FLCT to divest Cross Street Exchange for $810.8 mil

Felicia Tan
Felicia Tan1/25/2022 09:24 AM GMT+08  • 3 min read
FLCT to divest Cross Street Exchange for $810.8 mil
The consideration amount represents a 28.3% premium to the leasehold property’s book value of $632.0 million as at Sept 30, 2021.
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The manager of Frasers Logistics & Commercial Trust (FLCT), on Jan 24, announced that it has divested Cross Street Exchange to SCC Straits, an unrelated third-party purchaser for a consideration of $810.8 million.

The consideration amount represents a 28.3% premium to the leasehold property’s book value of $632.0 million as at Sept 30, 2021, and will be paid in cash.

After the deduction of the total divestment cost, the REIT will net total proceeds of $802.7 million, resulting in a net gain of $170.7 million.

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