Frasers Centrepoint secures 98.39% interest in Australand

Singapore-based real estate giant Frasers Centrepoint (FCL) has secured a 98.39 per cent interest in Australand at the close of its takeover offer of the Australian property group on Friday (Sep 5).

FCL offered A$4.48 (S$ 5.25) for each Australand stapled security. The offer, which values Australand at around A$2.6 billion (S$3 billion), closed on Thursday (Sept 4).

Under Australian law, FCL can compulsorily acquire the remaining Australand shares as it has secured more than 90 percent interest in the firm. FCL trumped an earlier A$2.5 billion offer for Australand from Australia’s Stockland.

Stockland, which owns a 19.9 per cent stake in Australand, had sold its shares to FCL following its failed bid. Australand, which was once majority owned by CapitaLand, is involved in a wide range of real estate-related businesses including residential, commercial and industrial real estate.

FCL, the former property arm of Fraser and Neave, is hoping to increase its earnings from outside Singapore and has identified Australia as a key market.

Source : Channel NewsAsia – 5 Sep 2014

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