- POSTED: 12 May 2014 09:53
Frasers Hospitality Trust (FHT) will have a portfolio of 12 properties -- including the InterContinental Singapore and Westin Kuala Lumpur hotels -- when it lists on the Singapore Exchange later this year.
SINGAPORE: Frasers Hospitality Trust (FHT) will have a portfolio of 12 properties -- including the InterContinental Singapore and Westin Kuala Lumpur hotels -- when it lists on the Singapore Exchange later this year.
This is according to Frasers Centrepoint, which said it will hold an extraordinary general meeting on May 28 to seek shareholders' approval for the injection of six serviced residences into FHT.
Frasers Centrepoint -- which already manages Frasers Centrepoint Trust and Frasers Commercial Trust -- will manage FHT.
"The setting up of FHT is in line with our ongoing strategy to optimise capital productivity and strengthen our income base through REIT platforms," Frasers Centrepoint Group CEO Lim Ee Seng said in a statement.
The six serviced residences to be injected are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow, and Fraser Suites Edinburgh, which have an appraised value of S$620 million based on a 75-year leasehold.
FHT's other six properties will come from Frasers Centrepoint's Thai parent TCC Group.
They are the InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe and Westin Kuala Lumpur.