Takeover of Australand Looks Sealed
A formal takeover offer by Singapore’s Frasers Centrepoint Ltd has been endorsed by the Australand ‘s board.
If successful, the takeover will give Frasers access to the NSW and Victorian residential markets tying in with its desire was to expand its portfolio into the high yielding Australian market.
Frasers, which is 88 per cent-owned by the Thailand-based TCC Group, has co-developed the One Central Park residential and retail project in Sydney and recently bought the Sydney Sofitel Wentworth hotel.
Australand’s chairman, Paul Isherwood, said they would allow Frasers to undertake due diligence, and then assess any formal bid. Australand is one of the biggest developers in Australia.
Lim Ee Seng, group chief executive officer of Frasers Centrepoint Ltd said, “This transaction ticks all the boxes and will allow FCL to achieve our targets in a much shorter period of time.”
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