Frasers Property Limited reports FY21 full year results

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Algemeen advies 12/11/2021 09:13
Frasers Property Limited (FPL) today announced its results for the full year ended 30 September 2021 (“FY21"). Please find below a cover note providing Frasers Property Industrial’s performance highlights and commentary from the business unit’s CEO, and a media release attached from Frasers Property Limited.

Annual results overview:

Frasers Property Industrial reports profit before interest and tax of S$829.5million (€518.3 million) for the year, with more than doubling of assets under management in two years

Frasers Property Industrial: Strategic growth and unlocking value within the multi-national portfolio

Frasers Property Industrial is a Frasers Property strategic business unit formed in October 2019. Led by Chief Executive Officer Reini Otter, it develops, owns and manages industrial, logistics, and commercial properties in Europe and Australia.
It also provides asset and property management services to Frasers Logistics & Commercial Trust (FLCT), an SGX-listed REIT sponsored by the Group and managed by Frasers Logistics & Commercial Asset Management Pte. Ltd.

Frasers Property Industrial: Key performance highlights as at 30 September 2021:

In FY21, Frasers Property Industrial achieved a profit before interest and tax of S$829.5 million (€518.3 million).
Earnings boosted by an enlarged property portfolio.
Frasers Property Industrial’s total assets under management comprises 154 properties across six countries, equating to 4.1 million sqm of gross floor area (GFA). Valued at S$11.3 billion (€7.2 billion) Frasers Property Industrial’s total assets under management more than doubled from S$5.2 billion (€3.3 billion) at the point of formation in 2019.
Frasers Property Industrial’s multi-national expertise delivered a platform to support customers’ businesses across geographies, fuelling high quality tenant demand: Completed eight assets totalling S$406 million (€258 million) gross development value (GDV) for customers; Currently developing 11 projects totalling S$751 million (€478 million) GDV and 356,000 sqm, including two in Europe, planned for completion within the next two financial years; Strategic initiative to grow industrial & logistics asset base, including the transfer of a portfolio of industrial properties held for sale in Europe and Australia to investment properties
A strategically positioned landbank area of 2.9 sqm across Australia and Europe, including land bank additions of 424,000 sqm in Europe this financial year.
98% occupancy in Europe with 6.2 years weighted average lease expiry (WALE) – attesting to strong rental growth in key markets and high occupancy with quality tenants.
The robust results performance achieved during FY21 by Frasers Property Industrial reflect the Group’s continued strategy to leverage its multi-national platform and diverse collective experience and scope across development, and asset and investment management.

Market overview and CEO commentary:

Reini Otter, Chief Executive Officer, Frasers Property Industrial says that the company’s continued growth and strong results reflect the effectiveness of its long-term strategy of unlocking value within its portfolio.

“Sustained growth in the industrial and logistics sector continues to be fuelled by extremely strong tenant demand from the growth in e-commerce, which is driving low vacancy rates and rental growth in key markets across Europe and Australia. Institutional demand for industrial assets also continues to increase and drive yield compression,” said Mr Otter.

“Harnessing these industry drivers, we’ve embedded our strategy of developing quality, future-ready industrial and logistics facilities in the past year. We’ve more than doubled our assets under management within the past two years and recently announced our industry-first Premium Estates concept that will create next-generation industrial estates. This concept brings together leading innovations in wellbeing, sustainability and technology, and supports our net-zero carbon by 2030 target.

“Building on our current S$751 million (€478 million) development pipeline, we’re rapidly investing in Europe to establish a strong market position there and unlock opportunities for our customers that benefit from our multi-national reach.”

Please refer to the attached announcement from Frasers Property Limited for further details.

20211112_Frasers Property Limited reports S$833 million attributable profit in FY21_Media Release.pdf
159.78 KB
20211112_FRASERS PROPERTY LIMITED_Financial Statements.pdf
1.12 MB
20211112_Frasers Property Limited_Presentation.pdf
8.95 MB

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