FRASERS Centrepoint has completed the purchase of a 17.61% stake in the Singapore Stock Exchange listed Allco Commercial Real Estate Investment Trust and 100% of the REIT manager Allco (Singapore) Limited.
ASL has been renamed Frasers Centrepoint Asset Management (Commercial) Ltd and Allco REIT will be renamed Frasers Commercial Trust.
In addition, Lim Ee Seng and Christopher Tang have been appointed non-executive directors, while Low Chee Wah has been appointed executive director and chief executive.
As a result, William Graham and Nicholas McGrath have resigned from the board, although McGrath, the former chief executive of Allco REIT will provide transitional consultancy services for three months. All the independent directors have agreed to remain on the board.
Low Chee Wah said the trust has started discussions with banks to refinance its existing loans.
“We have commenced a strategic review of the properties in the portfolio which is expected to take three months.
“We will be evaluating the feasibility of asset enhancement plans that were announced for the
Australian Property Journal
