Frasers Property (formerly: Frasers Cpt (FCL))

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http://infopub.sgx.com/Apps?A=COW_CorpAn...e65781db78

SALE OF THE ENTIRE 18.99% INTEREST IN A JOINT VENTURE

The Board of Directors (the “Directors”) of Frasers Centrepoint Limited (the “Company”) refers to the announcements made by Fraser and Neave, Limited on 30 April 2012 and 15 May 2012 in relation to Gemshine Investments (S) Pte. Ltd.

(“Gemshine”), a joint venture company formed between the Company, through its wholly-owned subsidiary, FCL Centrepoint Pte. Ltd. (“FCPL”), and APF 1 S.a.r.l., through Lexis 88 Investments (Mauritius) Limited (“Lexis 88”), in the shareholding proportions of 18.99% and 81.01% respectively.

The Directors wish to announce that FCPL has on 9 December 2015 entered into a deed (the “Deed”) to sell its entire 1,899 ordinary shares in the capital of Gemshine (the “Sale Shares”) to Lexis 88, and novate its share of intercompany loans between FCPL, Lexis 88, Gemshine and five (5) special purpose companies whollyowned by Gemshine amounting to S$60,692,040 (the “Sale”), for the consideration of S$19,618,620 (the “Shares Consideration”) and S$60,692,040 respectively (collectively, the “Aggregate Consideration”).

These 5 special purpose companies collectively own all the strata units in Compass Point, a suburban retail mall located in Sengkang (the “Property”). Gemshine shall cease to be a joint venture of the Company following completion of the Sale and the Company (via its subsidiary) shall cease to manage the Property. The Sale is in line with the strategy of the Company and its subsidiaries (the “Group”) of streamlining and divesting its noncore asset to focus on the main activities of the Group.

The Aggregate Consideration was arrived at on a willing-buyer, willing-seller basis. The Shares Consideration was arrived at taking into account, amongst others, the value of the Property and a sum based on the adjusted cash and net liabilities of Gemshine and its subsidiaries as at 30 September 2015. The Aggregate Consideration will be paid in cash on completion which is expected to be in February 2016. The Aggregate Consideration is subject to adjustments post-completion in accordance with the terms of the Deed. Based on the latest unaudited consolidated financial statements of the Group for the financial year ended 30 September 2015, the carrying value of Gemshine as at 30 September 2015 is approximately S$4,821,000.

The Sale is not expected to have a material effect on the net tangible assets per share or earnings per share of the Group for the current financial year. None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Sale.

A copy of the Deed will be made available for inspection during normal business hours at the Company’s registered address for a period of three months from the date of this announcement.

BY ORDER OF THE BOARD Piya Treruangrachada Company Secretary 9 December 2015

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http://www.frasersproperty.com.au/SMP/NS...alk/Botany
 
Community ready to grow
315 words
1 Dec 2015
Southern Courier

BOTANY is primed to be home to a brand new, 3.1ha masterplanned community. Tailor’s Walk will be developed by Frasers Property Australia and will feature a range of three-storey, four-bedroom terrace houses and five apartment buildings.
These buildings will span between six and eight storeys and will include a range of one, two and three-bedroom units as well as loft-style residences.
Prices for one-bedroom units start from around $600,000 while two-bedders are priced from about $780,000.
The three-bedroom apartments have a starting price of about $1.07 million and the four-bedroom terrace homes will be priced from about $1.6 million.
Architects Group GSA have been brought in to work on the project and are designing the apartment buildings to take advantage of CBD skyline views.
Each of the residences have been designed to cater for a mix of indoor and outdoor living, featuring balconies or courtyards.
The terrace homes are a modern take on traditional terraces and will have direct access to the communal gardens as an extension of their private courtyards.
Other features of the buildings and residences will include recycled brickwork, timber and metal accents, stone finishes and neutral colour palates. Each of the homes will also have parking.
Residents will have access to landscaped pedestrian walkways that provide a direct link to Botany Village. There will also be a dedicated public park of 3000sq m equipped with outdoor seating and children’s play equipment.
The development has officially hit the market with residences now being sold. For more information visit tailorswalk.com.au or phone 13 38 38.
TAILOR’S WALK One-bedroom units: Priced from about $600,000 Two-bedroom apartments: Priced from about $780,000 Three-bedroom units: Priced from about $1.07 millionFour-bedroom terraces: Priced from about $1.6 million

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http://www.frasersproperty.com.au/SMP/NS...e/Centrale
 
Centrale apartments promote positive vibe
Shayne Collier
308 words
2 Dec 2015
Northern District Times


Branding is important when it comes to the marketing of off-the-plan apartments, as is the orientation of buildings to create a positive feng-shui flow, Shayne Collier reports
The launch of stage 2 of the Centrale high-density residential development at North Ryde has been fast forwarded to this weekend.
The first of a swag of highrise developments­ in the Delhi Rd and North Ryde station precinct to get under way, the four building complex will be comprised of 380 one, two and three-bedroom apartments.
In addition, there will be a residents’ only recreation area, piazza and retail zone.
Frasers Property Australia’s sales and marketing director, Dino Carulli, said strong buyer demand for the apartments influenced­ the decision to release the second stage on December 5.
In one month, 75 per cent of stage one sold to a range of buyers – 29 per cent were based overseas, the majority from Hong Kong and the mainland Chinese.
“There is a twofold attraction for these buyers,” Mr Carulli said. “They have a knowledge of Chatswood and they looked at the attributes of the site. It was important to deliver private open space and apartments that were value for money.” One potential stumbling block for Chinese and other buyers was overcome by changing the orientation of the apartments away from the Macquarie Park Crematorium, which is across the road.
Apartments with cemetery glimpses have louvred screens installed­ on the balconies.
Mr Carulli acknowledged Chinese buyers’ penchant for all things European, hence the name Centrale (pronounced the Italian way, Central-ee) and clever red bullseye logo that is reminiscent of the London underground sign.
Centrale is also centrally located, one train stop from Chatswood and close to the M2.For details, call 13 38 38 or visit centraleapartments.com.au.

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http://buildingf.australand.com.au/

West leasing market soars
Carolyn Cummins Commercial property editor
629 words
5 Dec 2015
Sydney Morning Herald
SMHH
English
The expansion in demand for Sydney's western districts has led to Frasers Property Australia being able to successfully complete the four-hectare Rhodes Corporate Park, creating more than $450 million of commercial assets.
The 90,000 sqm commercial estate is 95 per cent leased to Nestle Australia, National Australia Bank, Rawson Homes, Unisys and Link Financial Services. Two thousand car spaces are located within the corporate park.
Ian Barter, general manager Northern Region for Frasers Property Australia, said Frasers Property was one of the pioneers in the Rhodes area.
"Rhodes Corporate Park is centrally located between the CBD and Parramatta with excellent transport links ..." Mr Barter said.
It is another example of the growth being experienced in the area, which is set for even more growth with the planned airport at Badgerys Creek.
The rise in the population of the area, boosted by the expansion of the education sector, has led to a sharp increase in demand for commercial, retail, industrial and residential space, according to agents.
Even the news that the Commonwealth Bank of Australia (CBA) will be relocating to the Australian Technology Park (ATP) as part of the Mirvac acquisition has not caused too much concern.
This is a significant amount of space but Wally Scales, director commercial sales and leasing capital markets at Knight Frank, is of the view that while disappointing for Western Sydney, this will not create major issues for the Parramatta office market. "The Parramatta CBD workforce is forecast to increase by 50 per cent, from 50,000 to 75,000 by 2035, generating a requirement for around 250,000 sqm of additional office space over the next 20 years," Mr Scales said. "Once potential office withdrawals for proposed high-rise residential development around the perimeter of the commercial core are taken into account, we estimate that a new 30,000 sqm office building will need to be delivered about every two years or so over the next two decades to accommodate this growth."
According to Knight Frank's data, with the stronger NSW economy and low interest rates, state economic growth is forecast to outpace the national average over the next two years.
Knight Frank's Sydney industrial market says a relatively tight leasing market and an outperforming state economy has resulted in improved rental growth. Coupled with further cap-rate compression, this is boosting the appetite for developers to progress new projects.
Knight Frank's director of research NSW, Nick Hoskins, said these conditions were proving favourable for positive leasing conditions across Sydney. During the third quarter of 2015 gross leasing (excluding Design and Construct) measured 175,389 sqm.
"Improving leasing activity at a time when vacancies are relatively tight has seen prime net face rents post annual growth of 2.1 per cent. Development activity is also picking up, with 2016 supply forecast to increase by at least 25 per cent compared to 2015," Mr Hoskins said.
It is a slightly different story for the investment market, though. Knight Frank's head of industrial NSW, Tim Armstrong, said that despite investment demand remaining at heightened levels, stand-alone investment opportunities remained limited.
"The strong investment demand from buyers looking to allocate capital to Sydney industrial assets is a trend that has seen further cap rate compression recorded in 2015," Mr Armstrong said. "Based on five-year weighted average lease expiries (WALEs), prime core market yields have firmed by 55bps in the 12 months to October 2015 to range on average from 6.75 per cent to 7.75 per cent."
Mr Armstrong said secondary yields had firmed by a similar degree over the past year to range on average 8-8.75 per cent.
 

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http://www.frasersproperty.com.au/NSW/Clemton-Park
 
Development includes childcare centre to plan
132 words
8 Dec 2015
Canterbury Bankstown Express

A CHILDCARE centre is attracting buyers to the Clemton Park Village project. The $395 million development will include more than 600 apartments when completed.
The 75-place Clemton Park Early Learning Centre has been open for the past year. Frasers Property Australia spokesman Nigel Edgar said the childcare centre had been a major drawcard for buyers.
“Since it opened last year, the childcare centre has been running almost at capacity and has proven to be the ideal ‘home away from home’ for children,” he said.“It’s a lovely extension of the community atmosphere that we are creating at Clemton Park Village through an array of family friendly amenities like the playground, barbecue facilities, community centre, communal garden and even easy access to seniors’ residences.”
 

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• • LaSalle Investment Management eyes Frasers’ Melbourne office park

• THE AUSTRALIAN
  
  
• DECEMBER 10, 2015 12:00AM
  
• Greg Brown
  [Image: greg_brown.png]
  Journalist
  Melbourne
  
  

[Image: e066f13f92877b851f75f1c57898a7f5?width=650]

LaSalle is eyeing the purchase of a $100 million office park in Melbourne. Picture: Nathan Dyer.

[*]



DEALS: Global fund manager LaSalle Investment Management is eyeing the purchase of a $100 million office park in Melbourne’s southeast being sold by Frasers Property Australia.



LaSalle is in due diligence to buy the larger building in a two-property portfolio that the Singaporean-controlled Frasers is offloading.

The suburban business park, at 690 Springvale Road in Mulgrave, is leased by Coles, Kmart and logistics company Toll Holdings.

The property includes three building across a 2.2ha site. It has a total net lettable area of 21,126sq m, with the buildings fully leased.

LaSalle, Frasers and the agents on the deal, Colliers International’s Peter Bremner, Rob Joyes and Tony Iuliano and JLL’s Robert Anderson and Joshua Tebb, declined to comment.

Frasers also has a local buyer negotiating the purchase of the smaller building for sale, on Church Street in southeastern Richmond which is likely to sell for about $50m.

The 8000sq m property is leased by retailer Country Road, among others.

The move by Frasers to sell the non-core properties comes as the group is eyeing substantial growth after finalising its takeover of Australand Property Group.

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http://www.valuebuddies.com/thread-141-p...#pid123423

FCL sold its 50% stake in 1 @ Changi City Office for S$420m or $210m for its 50% share.

1 @ Changi City was last reported to be carried in FCL AR FY9/14 @ $300m, ie the consortium made $120m from the asset light exercise or 40% on the BV.

FCL's likely share will be $60m gains and $210m in sales proceeds to cover borrowings @ associate levels.

Through the exercise, FCL will be raising $ from matured assets to be recycled into their green field Cecil Street Office and China Square Central redevelopment.

A well oiled multi-asset, multi-country platform that has been running smoothly.

So far FCL-ALZ's residential development sales Down Under has been maintaining healthy momentum notwithstanding the reported cooling of major capital cities outlook largely due to its exposure to the mass housing segment. 

FCL-ALZ's commercial property segment's inhouse development pipeline remain very healthy underpinned by strong tenants demand and continuing compression in property yields as a result of healthy demand of quality assets from domestic and foreign investors in view of lengthy and transparent tenacy structures Down Under. The dependence on proven inhouse capability established under the Capland regime has saved FCL the need to be in the market chasing assets in a healthy demand overall environment and helps pave way for future asset light initiatives that will unlock more values for FCL holders.

Vested
Major Core Holdings

Sources Caveman Analyst - Fcl: FY ending 30 Sep 2015 presentation slides fine prints indicate a 47m fair value gain on changi city office, so book value will be 197m, gain on disposal is 13m

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Frasers Property Australia finds buyer for Richmond tower



The Frasers Property Australia building sits within a Richmond business park.

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by Nick Lenaghan
Frasers Property Australia has found a buyer for the second property, a $46 million suburban Melbourne office tower, in a two-asset portfolio put on the market in October.
Boutique syndicator Placer Property is undertaking due diligence on the 8000-square-metre office building, which sits within a larger office park in Church Street, Richmond, in inner Melbourne.
A start-up fund manager, Placer Property acquired its first major asset, a $45.1 million commercial property in the bustling New Acton precinct of Canberra, last year.
Joint managing directors Mario Papaleo and David Omond began the operation two years ago. 

The Richmond property is fully occupied and the major tenants include fashion retailer Country Road, Pacific Brands, Smart Group and the federal government.
The Singapore-listed Frasers Centrepoint has been reworking the diverse portfolio of the former Australand after privatising the previously listed Australian player last year.
This month, global funds manager LaSalle Investment Management began due diligence on the larger of the two properties on offer, a $90 million office complex in Melbourne's south-east. 
The Mulgrave property comprises 21,000 square metres across three buildings at 690 Springvale Road. It includes blue chip tenants Coles, its Wesfarmers-owned stablemate, Kmart, and logistics operator Toll.


Colliers International's Peter Bremner and Rob Joyes and JLL agents Robert Anderson and Joshua Tebb are handling the Frasers portfolio.

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http://infopub.sgx.com/Apps?A=COW_CorpAn...8d3b39ef49

Pursuant to Rule 704(17)© and Rule 704(17)(d) of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Board of Directors of Frasers Centrepoint Limited (the “Company”) wishes to announce that the Company has today acquired 100% of the issued and paid-up share capital of SQ International (Australia) Pte. Ltd., a newly-incorporated company in Singapore, from SQ International Pte Ltd (the “Vendor”) (the “Acquisition”). SQ International (Australia) Pte. Ltd. is the legal and beneficial owner of 25 issued and paid-up ordinary shares in Frasers (Australia) Pte. Ltd. (“FAPL”) and 75 issued and paid-up preference shares in FAPL, with the remaining 75 issued and paid-up ordinary shares in FAPL and 125 issued and paid-up preference shares in FAPL held by the Company.

Following completion of the Acquisition today, SQ International (Australia) Pte. Ltd. has become a wholly-owned subsidiary of the Company and the Company’s shareholding interest in FAPL has increased to 100%. The joint venture between the Company and the Vendor in relation to FAPL has also terminated. The consideration for the Acquisition is S$1, and was arrived at on a willing-buyer, willing-seller basis, taking into account (a) the net tangible asset value of SQ International (Australia) Pte. Ltd. of S$2 as at 18 December 2015 based on the unaudited accounts of SQ International (Australia) Pte Ltd.; and (b) the assignment by the Vendor to the Company of the shareholder’s loan of S$69.4 million owing from SQ International (Australia) Pte. Ltd. to the Vendor, the consideration of which comprises (i) the payment by the Company to the Vendor of A$26.5 million; and (ii) in respect of the balance, the acceptance by the Company of the novation to the Company of the outstanding loan and interest aggregating to approximately S$78.3 million owing by the Vendor to FCL Clover Pte. Ltd., a wholly-owned subsidiary of the Company.

The aforesaid payments were made in cash and funded from internal resources of the Company. The Acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the Company and its subsidiaries for the current financial year. None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Acquisition.

Piya Treruangrachada Company Secretary 21 December 2015

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Frasers forges ahead in SE QLD
Chris Herde

408 words
18 Dec 2015
Courier Mail
COUMAI

English

REBRANDED and re-energised Frasers Property Australia, formerly Australand, is focusing on southeast Queensland.
Chief executive Rod Fehring said the Australian arm of Asian property giant Frasers Centrepoint, under its former name, had a strong presence in residential and industrial in southeast Queensland.
But he said with the parent company’s backing there were opportunities in the suburban office and neighbourhood shopping centre markets.
“We think there’s a potential market in the suburban ­offices ... particularly campus style developments if they are well located from a transport and infrastructure point of view,” Mr Fehring said.
“But it has to be complemented with good amenity.” .
“We also want to increase our exposure to retail (and) ... our particular target niche is the neighbourhood centre between 8000sq to 18,000sq m.” The company has six housing, town house and apartment projects in souitheast Queensland including Coorparoo Square and Hamilton Reach in Brisbane and more are expected to come online.
Over the next 12 months, Frasers Property will develop a further 280,000sq m of industrial facilities across Australia with a large portion in Brisbane. Mr Fehring said Frasers Property/Australand has “worked its way” through the global financial crisis related problems.
“I won’t be coy about the fact that we’ve not had a brilliant experience over the last 10 years in Queensland,” he said.
“We got ourselves caught out on the Gold Coast along with everyone else and we got ourselves caught out on the Sunshine Coast along with everyone else. We got ourselves in situations where we paid too much on assets pre GFC.
“So we dusted ourselves off and thought about the things we should doing in southeast Queensland.
“We thought about being a bit more prudent about diversifying the markets we focus on and careful about which type of market we choose to enter.
Continued P62 Opportunity in Sunshine State From P61 “So we are reinvesting in southeast Queensland.” Controlled now by Thai tycoon Charoen Sirivadhanabhakdi, Frasers Centrepoint acquired Australand in a $2.6 billion takeover and a few months ago the deal was sealed with the name change.
Mr Fehring said the Singapore-listed company gave its Australian arm retail and office expertise as well as access to capital markets and a “longer perspective”.
“People ask if I am enjoying. What’s not to enjoy?” he said.“There are lots of opportunities and we have got very supportive owners.”

News Ltd.