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Frasers Centrepoint gets green light to buy Australand

Singapore property giant Frasers Centrepoint Ltd (FCL) has got clearance from the Foreign Investment Review Board of Australia (FIRB) to go ahead with plans to buy Australand Property Group in a deal worth around A$2.6 billion.

SINGAPORE: Singapore property giant Frasers Centrepoint Ltd (FCL) has got clearance from the Foreign Investment Review Board of Australia (FIRB) to go ahead with plans to buy Australand Property Group in a deal worth around A$2.6 billion.

In a statement to the Singapore Exchange on Wednesday, FCL said it has received a "statement of no objections" from FIRB in relation to its proposed acquisition of up to 100 percent of Australand.

FCL, whose main shareholder is Thai billionaire Charoen Sirivadhanabhakdi, is one of the city-state's biggest property companies with total assets of around S$11.4 billion.

The Singapore-listed property giant earlier this month trumped a competing offer for Australand from Australia's Stockland Corp.

Australand, which was once majority owned by CapitaLand, is involved in a wide range of real estate-related businesses including residential, commercial and industrial.

Analysts said the purchase of Australand will help boost FCL's recurring income base and diversify risk from the Singapore residential market, which has been hit by a raft of government cooling measures. 

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