Thai Billionaire's Frasers Property, Morgan Stanley In JV To Manage Industrial Properties In Australia
An industrial property in Australia to be managed by the Frasers Property and Morgan Stanley JV.
Frasers Property Industrial—controlled by Thai billionaire Charoen Sirivadhanabhakdi—has partnered with Morgan Stanley Real Estate Investing (MSREI) to manage a portfolio of logistics-focused industrial assets in Australia.
The 50-50 joint venture, Frasers Prime Logistics Venture, will own and operate eight assets with a combined gross floor area of 188,000 square meters valued at around A$600 million ($380 million), according to a statement on Thursday.
'This collaboration with MSREI allows us to leverage synergies effectively across our extensive industrial portfolio,' Reini Otter, CEO of Frasers Property Industrial said in the statement.
The company stated that the properties located in key logistics hubs near Sydney and Brisbane are fully leased (with the average leases expiring in over seven years) to 11 tenants, including Primary Connect, the logistics arm of supermarket chain Woolworths, and U.S. home appliance maker Williams Sonoma.
Frasers Property Industrial, a unit of Singapore-listed Frasers Property, manages around S$12 billion ($9 billion) of industrial and logistics assets that include logistics hubs, warehouses, and production facilities across Australia and Europe.
Charoen has an estimated net worth of $11.1 billion according to Forbes' real-time data. Besides his controlling stake in Frasers Property, he also has interests in Chang Beer maker Thai Beverages as well as property developer Asset World and retail chain Big C Supercenter.
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