SINGAPORE (May 25): Frasers Property has agreed to acquire a 100% stake in Dutch-incorporated company LocMeppel BV for a consideration of 25 million euros ($39.3 million).

The acquisition will be conducted via Frasers Property's indirect subsidiary Frasers Property Investments (Europe) BV and the transaction's vendors, LocMeppel BV and Acacia BV, the latter of which owns the legal and beneficial title to the entire issued and paid-up share capital of LocMeppel BV. 

LocMeppel BV has a freehold interest in a new logistics warehouse with ancillary office space located in the industrial estate Noord II in the town of Meppel in The Netherlands, at Mandeveld 12, Meppel.

In all, the property has a gross lettable area (GLA) of about 31,600 sq m and is leased on a long-term basis to a “leading company active in the dairy industry”, says Frasers Property in its filing on Friday.

Upon completion of the acquisition, LocMeppel BV will become an indirect wholly-owned subsidiary of Frasers Property.

The group intends to fund the acquisition from internal resources, and does not expect the transaction to have an impact on its current financial year.

Shares in Frasers Property closed 2 cents higher at $1.92 on Thursday.