Saturday, Feb 4, 2023
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Frasers Property temporarily shuts down assets in UK, Germany

Frasers Property Germany
Its decision to shut down the hotels in the two countries is in an effort to curb the Cover-19 pandemic

Frasers Property has temporarily shut three hotels in Germany, media reports said. Its decision to shut down the hotels is in an effort to curb the Cover-19 pandemic. That said, the property giant might also temporarily shut 11 hospitality properties in the UK.

It has already closed food and beverage outlets at two hotels in Australia. In addition to these moves, it aims to support commercial tenants in Singapore. Recently, Frasers Property had announced that it will offer a one month waiver to all entertainment venues, tuition centres and enrichment centres affected by the pandemic, media reports said.

Even businesses largely affected by the the pandemic will get receive additional targeted supports. These businesses include retail among others.

Last month, Frasers property announced that it is set to acquire property manager AsiaMalls Management. However, the worth of the deal remains undisclosed. Also, it was reported last year that Fraser CentrePoint Trust was ready to acquire 6 percent stake in Waterway Point, a suburban property in Singapore.

Richard Ng, Chief Executive Officer of FCAM said in a statement, “This acquisition is aligned with our strategy of increasingFCT’s market share in Singapore’s suburban retail sector. We are growing our stake in Waterway Point as it is a popular retail hub that is set to benefit from the growing population and exciting developments in the surrounding Punggol precinct. This positions Waterway Point well to deliver long-term growth and good returnsfor FCT and its unitholders.”

Fraser CentrePoint Trust a leading developer-sponsored retail real estate investment trust (REIT).

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