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Another big merger of Reits on the cards, sources say

Frasers Logistics & Industrial Trust and Frasers Commercial Trust are planning to merge, according to people familiar with the matter, as consolidation among real estate investment trusts (Reits) gathers pace here.

A combined entity would manage almost 100 properties worth US$4 billion (S$5.5 billion) across Singapore, Australia and Europe, including warehouses, offices and business parks, according to their websites.

An announcement on the deal could come within days, one of the people said. Shares of both companies were halted from trading on Singapore’s stock exchange yesterday, pending an announcement.

A deal would be, at the least, the fourth among Singapore-listed Reits this year.

CapitaLand kicked things off in January, striking a $6 billion deal with Temasek for Ascendas and Singbridge.

In April, OUE Commercial Reit agreed to buy OUE Hospitality Trust to create one of Singapore’s 10 biggest Reits.

Then in July, Ascott Residence Trust and Ascendas Hospitality Trust agreed to create the largest hospitality trust in the Asia-Pacific region, with $7.6 billion of assets comprising serviced residences and hotels.

Shares of Frasers Logistics, which has a market capitalisation of $2.8 billion, have risen more than 20 per cent this year. Frasers Commercial shares are up almost 22 per cent, giving the company a market value of $1.5 billion.

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