The manager of Frasers Logistics & Commercial Trust (FLCT) announced that it will be divesting three of its leasehold properties in South Australia for a total consideration of A$29.6 million ($29.4 million).

On Dec 10, the REIT entered into sale and purchase agreements to divest its ownership in three leasehold industrial properties.

The consideration represents a 19.4% premium to FLCT’s South Australia portfolio’s total book value of A$24.8 million as at Sept 30. It is also above the original purchase consideration of A$28.7 million at FLCT’s initial public offering in 2016.

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