The manager of Frasers Logistics & Commercial Trust (FLCT) has divested a leasehold property at 2-24 Douglas Street in Port Melbourne, Australia for a consideration of A$42.5 million ($41.7 million).

The sale and purchase agreement was entered into with an unrelated third-party purchaser, announced the REIT on the evening of Dec 2.

The consideration represents a significant premium to both the property’s book value of A$21.0 million as at Sept 30, as well as its original purchase price of A$21.7 million at FLCT’s initial public offering (IPO) in 2016.

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