Frasers Property to acquire Frasers Hospitality Trust for $970m.

Frasers Property, a real estate and property management company, agreed to acquire Frasers Hospitality Trust, a hotel and serviced residence trust, for $970m. “We concur with FHT Managers’ board decision, following their strategic review, that their privatisation by FPL Group will provide the best course of action to optimise value for Stapled Securityholders. FPL Group’s long-term strategy is centred on leveraging our synergistic multi-asset class capabilities to create value. Hospitality remains one of our core businesses. This transaction will allow FPL Group to increase its investment in hospitality assets at locations that we are already familiar with. As with all assets in our investment portfolio, FPL Group will leverage our deep understanding of FHT’s assets and adopt a rigorous and disciplined approach to drive performance,” Loo Choo Leong, FPL CFO.