Proposed Acquisition of 12 Prime Logistics Properties in Germany … · 2019-07-02 · (“Colliers...

Proposed Acquisition of 12 Prime Logistics Properties in Germany and Australia

3 July 2019

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Nothing in this presentation constitutes or forms a part of any offer to sell or solicitation of any offer to purchase or subscribe for securities for sale inSingapore, the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification underthe securities laws of any such jurisdiction.

Important Notice

2

▪ Transaction Overview

▪ Transaction Rationale and Highlights

▪ Transaction Funding and Pro Forma Financial Impact

▪ Appendices

Table of Contents

3

Dana & Pinnacle & Licensing Facility

Transaction

Overview

Avery Dennison & GM Kane and Sons Facility

Amor & Mühle Facility

Transaction Summary

Acquisition Structure

Acquisition of interests in 12 freehold logistics properties (the “New Properties”) located in Germany and Australia

(the “Proposed Acquisition”), comprising:

▪ 9 properties in Germany (the “New German Properties”)

▪ 3 properties in Australia (the “New Australian Properties”)

Property Purchase

Price(1)

A$644.7 million (approximately S$612.5 million)

▪ €320.3 million (approximately A$519.2 million and S$493.3 million) in respect of the New German Properties

▪ A$125.5 million (approximately S$119.2 million) in respect of the New Australian Properties

New Properties

Appraised Value(2)

A$651.4 million (approximately S$618.8 million)

▪ Property Purchase Price is a 1.0% discount to New Properties Appraised Value

Purchase

Consideration

A$507.2 million (approximately S$481.8 million),comprising:

▪ €235.4 million(3) (approximately A$381.7 million and S$362.6 million) in respect of the New German Properties

▪ A$125.5 million (approximately S$119.2 million) in respect of the New Australian Properties

Proposed FundingThe Manager intends to finance the Proposed Acquisition from a combination of equity and debt financing, with the

final debt/equity proportions to be decided at a later stage by the Manager

Key Dates

▪ Proposed Acquisition is subject to unitholders’ approval at an extraordinary general meeting(4) to be convened in

due course

▪ Target completion by end-August 2019

5

Note: An exchange rate of €1 : A$1.6211, A$1 : S$0.9500 and €1 : S$1.5400 is adopted where applicable.

1. Negotiated and taking into account the two independent valuations conducted by CBRE Ltd (“CBRE”) and Colliers International Valuation UK LLP (“Colliers UK”) for the New German Properties; and CIVAS (VIC) Pty Ltd Limited

(“Colliers AU”) and Urbis Valuations Pty Ltd (“Urbis”) for the New Australian Properties (collectively, the “Independent Valuers”) as at 15 June 2019.

2. Being the aggregate of the higher of the two independent valuations of each New Property conducted by the Independent Valuers as at 15 June 2019 and taking into account the effects of the Incentive Reimbursement Deeds and the

Rental Support Deed (Please refer to paragraphs 2.6 and 2.7 of the announcement issued by the Manager on 3 July 2019 (the “Announcement”) for details.

3. Based on the New German Properties Purchase Price net of existing debt of €73.7 million as at 31 August 2019 (approximately A$119.5 million and S$113.5 million) and aggregate net assets and liabilities.

4. The Proposed Acquisition is an “interested person / party transaction” under the Listing Manual of Singapore Exchange Securit ies Trading Limited and the Property Funds Appendix of the Code of Collective Investment Schemes. Thus, it

is subject to unitholders’ approval.

Prime, Modern and High Quality Portfolio

Danna & Pinnacle &

Licensing Facility

Hermes Ausburg Facility

Keramag & VCK Facility

EDEKA Facility

Avery Dennison & GM Kane

and Sons Facility

Hermes Berlin Facility

B+S GmbH Logistik Facility

Kentner Facility

New German Properties

New Australian Properties

FDM Facility

Bosch Facility

Amor & Mühle Facility

Callius & WEG & GILOG

Facility

1.0 Year 1.0 Year 1.0 Year

2.0 Years 3.0 Years 5.0 Years



6

Note: Portfolio and property metrics are as at 31 March 2019

1. Excludes an additional area of 6,192 sq m from the expansion of the Amor & Mühle Facility (“Amor & Mühle AEI”). The Amor & Mühle Facility has undergone an expansion which was completed in March 2019, with a new lease to the existing tenant, Mühle, commencing from 1 April 2019.

2. Includes the effects of the arrangement under the Rental Support Deed. Please refer to the announcement issued by the Manager on 3 July 2019 for further details on the Rental Support Deed. Excluding the Rental Support Deed, the target portfolio will have an overall occupancy rate of

93.7%.

3. Based on Gross Rental Income, being the contracted rental income and estimated recoverable outgoings for the month of March 2019. In respect of the New Properties, the Rental Support Deed arrangement has been taken into account.

4. Based on the New Properties Appraised Value.

Property Age

Property Age

12 prime logistics properties located in key logistics hubs

100% freehold portfolio

Gross Lettable Area (“GLA”): ~297,000 sq m(1)

100% occupancy rate(2)

8.6 years Weighted Average Lease Expiry (“WALE”)(3)

Young Portfolio: Average age of 3.7 years(4)

Strategically Located Across Germany and Australia

WA

NT QLD

NSW

VIC

TAS

SA

Brisbane

12 Assets(1)

1 Asset

Sydney

15 Assets

1 Asset

Melbourne

28 Assets(2)

1 Asset

Further Penetration into Key Logistics Hubs Deepens Foothold in Strategic Locations

Post-acquisition, FLT will have a strategic presence across

all of the key logistics hubs in Germany

Solidifying foothold in Australia’s major demographic

centers – the eastern seaboard states

New Properties

Existing Properties

Major Logistics Clusters

Hamburg

Bremerhaven

Bremen

Hanover

Munich

Stuttgart

Mannheim

Frankfurt

Bad Hersfeld

Leipzig

Erfurt

Nuremburg

Berlin

Dortmund

Bochum

Cologne

DüsseldorfMönchengladback

Ratingen

Bergheim

Tamm

Herbrech-

tingen Augsburg

Garching

Bielefeld

Karlsruhe

Berlin

1 AssetDüsseldorf-

Cologne

4 Assets

3 Assets

Hamburg-Bremen

2 Assets

Leipzig-Chemnitz

2 Assets

Munich-Nuremberg

4 Assets

2 Assets

Stuttgart-

Mannheim

5 Assets

2 Assets

Frankfurt

1 Asset

7

1. Includes 99 Sandstone Place, Parkinson, Queensland, Australia (see the announcement and press release issued by the manager on 13 June 2019 in relation to the divestment by FLT of a 50% interest in the property) (“Sandstone Place

Divestment”).

2. Excludes 63-79 South Park Drive, Dandenong South, Victoria, Australia (see press release issued by the Manager on 29 March 2019 in relation to its divestment) (“South Park Drive Divestment”) and 610 Heatherton Road, Clayton South,

Victoria, Australia (see the press releases issued by the Manager on 16 and 31 May 2019 in relation to its divestment) (“Heatherton Road Divestment”, and together with the South Park Drive Divestment and the Sandstone Place Divestment,

the “FY2019 Divestments”).

Perth

1 Asset

Adelaide

3 Assets

New Properties

Existing Properties

Eastern Seaboard of Australia

Portfolio Metrics as at 31 March 2019

Existing Portfolio(1) New Properties Post-Proposed Acquisition

No. of Properties

Total: 81

▪ Australia: 59

▪ Germany: 17

▪ The Netherlands: 5

Total: 12

▪ Australia: 3

▪ Germany: 9

Total: 93

▪ Australia: 62

▪ Germany: 26

▪ The Netherlands: 5

GLA 2.0 million sq m 0.3 million sq m(2) 2.3 million sq m

Portfolio Appraised Value A$2.9 billion(3) A$651.4 million(4) A$3.5 billion

Geographical

Diversification(5)

Australia: 64.6%

Germany: 25.7%

The Netherlands: 9.7%

Australia: 19.5%

Germany: 80.5%

Australia: 56.3%

Germany: 35.8%

The Netherlands: 7.9%

Proportion of Freehold

Assets(5) 77.6% 100% 81.7%

Age(5) 7.7 years 3.7 years 7.0 years

WALE(6) 6.5 years 8.6 years 6.7 years

8

1. Excludes the South Park Drive Divestment and the Heatherton Road Divestment. Includes 99 Sandstone Place, Parkinson, Queensland, Australia (see the announcement and press release issued by the Manager on 13 June 2019 in

relation to the divestment of a 50% interest in the property) (the “Sandstone Place Divestment”)

2. Excludes the Amor & Mühle AEI.

3. Based on the appraised value of the portfolio as at 30 September 2018 Includes Mandeveld 12, Meppel, the Netherlands (see press release issued by the Manager on 31 October 2018 in relation to the acquisition) (the “Meppel

Acquisition”) valued as at 1 October 2018. Excludes the South Park Drive Divestment, the Heatherton Divestment and includes the remaining 50% interest in 99 Sandstone Place, Parkinson, Queensland, Australia at a value of A$134.2

million as at 1 May 2019 (the “Existing Portfolio Appraised Value”).

4. Based on the New Properties Appraised Value.

5. Based on the Existing Portfolio Appraised Value for the Existing Portfolio and based on the New Properties Appraised Value for the New Properties.


Hermes Berlin Facility

Transaction

Rationale and

HighlightsHermes Augsburg Facility Kentner Facility

EDEKA Facility Amor & Mühle Facility

Transaction Rationale and Highlights

Deepens Presence in Attractive Logistics Markets of

Germany and Australia1

Prime, Modern and High Quality Portfolio2

Strengthens the FLT Porfolio3

Consistent Track Record in Leveraging Sponsor’s

Platform to Enhance Portfolio Value5

DPU Accretion and Consistent with Manager’s

Investment Strategy4

10










11

Deepens Presence in Attractive Logistics Markets of Germany and Australia

Source: Jones Lang LaSalle Australia Pty Limited (“JLL”)

Resilient economic fundamentals in Germany and Australia underpinned by positive drivers in the key markets

12

Projected Growth Rates in Volume of

Imports and Exports (2019 – 2033E)

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0%

Export

volu

me o

f goods

avera

ge a

nnual gro

wth

Import volume of goods average annual growth

Canada

UK Japan

USA

China

Australia

Germany

Netherlands

High Expected Trade Flows Growth

2.6%

1.6% 1.5% 1.5%1.3%

0.6%

Australia TheNetherlands

UnitedKingdom

France Germany Italy

Resilient Economic Fundamentals

Average Annual GDP Growth of Key European

Countries and Australia (2019 – 2024E)

1

1. Based on Q3 2018 net prime yield

2. Based on 30-year leasehold yield spread

4.5%(1) 4.4%

3.8%3.7% 3.7%(2)

3.6%

2.9%

Th

e N

eth

erl

and

s

Fra

nce

Ger

man

y

Au

stra

lia

Sin

ga

po

re UK

Ita

ly

0.6

0.7

0.8

0.9

1.0

1.1

1.2

1.3

1.4

Jun

-05

Jun

-06

Jun

-07

Jun

-08

Jun

-09

Jun

-10

Jun

-11

Jun

-12

Jun

-13

Jun

-14

Jun

-15

Jun

-16

Jun

-17

Jun

-18

Jun

-19

AUDUSD AUDSGD

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

Jun

-05

Jun

-06

Jun

-07

Jun

-08

Jun

-09

Jun

-10

Jun

-11

Jun

-12

Jun

-13

Jun

-14

Jun

-15

Jun

-16

Jun

-17

Jun

-18

Jun

-19

EURUSD EURSGD


Source: Colliers International Valuation UK LLP (“Colliers”), JLL

EUR and AUD Near Historical Lows Attractive Net Prime Yield Spreads

Prime Logistics Yields over 10-year Bond Yields of

Key Markets (4Q 2018)

AUDUSD and AUDSGD

EURUSD and EURSGD

EURUSD and EURSGD

currently near historical lows

AUDUSD and AUDSGD

currently near historical lows

13

1

Timing of expansion supported by favourable low interest rates, exchange rates and yield spreads tailwinds

Prime logistics yield spread for Australia and

Germany remain attractive relative to key

competitive markets

80

85

90

95

100

105

110

115

120

125

130

Ju

n-0

8

Ju

n-0

9

Ju

n-1

0

Ju

n-1

1

Ju

n-1

2

Ju

n-1

3

Ju

n-1

4

Ju

n-1

5

Ju

n-1

6

Ju

n-1

7

Ju

n-1

8

2010 =

100

Total Employment Traffic and Warehousing

Manufacturing

0

40

80

120

160

No

v-0

8

No

v-0

9

No

v-1

0

No

v-1

1

No

v-1

2

No

v-1

3

No

v-1

4

No

v-1

5

No

v-1

6

No

v-1

7

No

v-1

8

2015 =

100

Production Index Manufacturing Industry


Source: Colliers, Federal Statistical Office of Germany

Foreign Trade Remains Robust Labour Market Continues to Grow

Industrial Production Remains Steady

The German economy remains resilient with foreign trade, industrial production

and the labour market showing continued growth

Brexit

Referendum

0

40

80

120

160

Q3

-08

Q3

-09

Q3

-10

Q3

-11

Q3

-12

Q3

-13

Q3

-14

Q3

-15

Q3

-16

Q3

-17

Q3

-18

2010 =

100

Exports Imports

Brexit

Referendum

Brexit

Referendum

Increasing

trade flows

Steady

industrial

production

Robust

growth in

labour

market

driven by

traffic and

warehousing

sector

▪ The German economy

remained robust even after

the “Brexit Referendum”,

which was reflected in strong

foreign trade, industrial

production and the labour

market

14

▪ Despite concerns about US-

China trade war, Germany's

exports have increased by

2.5% in the first quarter of

2019 compared to last year

1


Record High Take-up:

▪ National total gross take-up was ~7.3 million

sq m (2018), 26.2% above the medium-term(2)

average

▪ Take-up in Top 8 was ~3.0 million sq m

(2018), in line with previous year results

▪ Bulk of national take-up driven by logistics

(39.0%), trading (27.0%) and manufacturing

(25.0%) sector

Supply Remains Limited in the Top 8 Markets(1):

▪ High pre-leasing rates between 30.0%-50.0%

at new-build developments

▪ Insufficient supply of space in almost all top

logistics regions for example in Munich the

vacancy rate has remained constant at below

2.5% since 2015

Rental Trend Remains Robust: 8.2% increase from

2014 driven by strong take-up and limited supply

Resilient Prime Rents in Key Logistics Hubs

Resilient Take-up Driving up Rents

Demand for German logistics space remains strong underpinned by Germany’s status as the

largest logistics hub in Europe

(’000 sq m) (€ / sq m / month)

Source: Colliers

1. Include Berlin, Düsseldorf, Frankfurt, Hamburg, Cologne, Leipzig, Munich and Stuttgart.

2. Medium term from 2010 to 2018

2,5642,766

2,997 3,000 2,968

520

5.51 5.59 5.66 5.71

5.94 5.96

5.00

6.00

7.00

0

2,000

4,000

2014 2015 2016 2017 2018 Q1 2019

Take-up Top 8 Average Rent Top 8(1)(1)

3.50

4.50

5.50

6.50

7.50

2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q2019

Berlin Düsseldorf FrankfurtHamburg Cologne LeipzigMunich Stuttgart

Market

CAGR

(2010-2018)

Munich +1.3%

Frankfurt +1.0%

Stuttgart +1.0%

Hamburg +1.1%

Düsseldorf +1.5%

Berlin +3.0%

Cologne +2.3%

Leipzig +1.8%

(€ / sq m / month)

15

1


Resilient Take-up Driven by Solid Fundamentals

Steady Prime Rents Supported by Favourable

Demand-Supply Dynamics

Australia’s logistics market is driven by solid fundamentals and remains one of the most sought after

sectors by both domestic and global players

0

500

1,000

1,500

2,000

2,500

3,000

2014 2015 2016 2017 2018 Q1 2019

Gross Take-up (’000 sq m)

Sydney Melbourne Brisbane

Average Eastern Seaboard of Australia(1), 2014–18

Record High Take-up:

▪ National gross take-up reaching 2.6 million sq

m in the 12 months to March 2019, which is

above 2014 – 2018 average at 2.4 million sq m

▪ Bulk of national take-up driven by demand

from transport, postal and warehousing sector

(32.0%), retail trade (21.0%) and

manufacturing (20.0%) occupiers

Steady Rental Growth:

▪ Prime rents in Q1 2019 have recorded steady

year-over-year growth of 3.5% and 2.2% in

Sydney and Melbourne respectively

▪ Brisbane market is recovering with prime rents

returning to pre-2017 levels as the local

economy rebounds and infrastructure

investment improves

Healthy Rental Trend: Supported by increasing land

values, strong projected population growth, the e-

commerce boom and continued supply chain and

infrastructure investments

CAGR

Sydney – Outer

Central West+1.5%

Brisbane –

Southern+0.2%

Melbourne –

South East+0.7%

Prime Net Face Rent (A$ / sq m / year)

50

70

90

110

130

1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19

Sydney - Outer Central West Melbourne - South East

Brisbane - Southern

16Source: JLL

1. Includes Sydney, Melbourne and Brisbane (Excludes Adelaide and Perth).

1










17

Predominantly located in major logistics clusters in Germany

Prime, Modern and High Quality Portfolio

Locations Precinct Characteristics

Berlin

✓ Central focal point for European traffic and freight flows

served by two international airports

✓ Well-linked logistics transhipment facilities through the

motorway ring road

Munich-

Nuremberg

✓ The undisputed leader amongst Germany’s technology

locations

✓ Served by Munich International Airport, the busiest air

freight hub in southern Germany

Stuttgart-

Mannheim

✓ One of the wealthiest regions in Europe with the highest

export ratio of all German cities

✓ Well-connected to national road network and the

European inland waterway system

Frankfurt

✓ Key global gateway in Europe: 3 hours reach to every

business metropolis in Europe

✓ Frankfurt Airport is the biggest cargo airport in Germany

and one of the largest international airports in the world

Dusseldorf-

Cologne

✓ Gateway to western Europe with two key airports and an

extremely dense motor network

✓ Served by the Port of Duisburg, Europe’s largest inland

port and the Port of Cologne, Germany’s 2nd largest

inland port

1

2

3

4

5

Hamburg

Bremerhaven

Bremen

Munich

Stuttgart

Mannheim

Bad Hersfeld

Leipzig

Berlin

Dortmund

Herbrech-

tingen

Garching

Bielefeld

Düsseldorf-

Cologne

Stuttgart-

Mannheim

Munich-

Nuremberg

Berlin

Frankfurt

1

4

2

3

5

Karlsruhe

Augsburg

Nuremburg

Erfurt

Airport

New Properties Major Logistics Clusters

Port

Hanover

Cologne

Ratingen

Düsseldorf

Bergheim

Frankfurt

Tamm

Existing Properties

18Source: Colliers

2

Source: JLL

Strategically located in prime sub-markets of the Eastern Seaboard of Australia

MelbourneSydney Brisbane

▪ Expands FLT’s footprint in South East

industrial precinct

▪ Great access to the large residential

population base through Monash Freeway

and Eastlink

▪ Rising scarcity of developable land in the

South East sub-markets

▪ Infrastructure projects: A$5.0bn Melbourne

Airport Rail Link, A$175.0bn North East

Link Project, A$475.0m Monash Rail,

A$50.0m Geelong Rail Line

▪ Strengthens FLT’s portfolio of assets in

Outer Central West, Sydney’s premier

logistics hub

▪ Close proximity to the intersection of two

major expressways, M4 and M7 which

provides direct access to Sydney airport and

seaports as well as the CBD and major

suburbs

▪ Infrastructure projects: A$971.0m Pacific

Highway to Coffs Harbour Bypass, A$400.0m

Port Botany Rail Line Duplication, A$100.0m

Monaro Highway Upgrade

▪ Deepens FLT’s presence in the

Southern sub-market in Brisbane

▪ Ideally located between Brisbane and the

well populated Gold Coast

▪ Accessible to major transport

infrastructure including M1, Gateway and

Logan motorways

▪ Infrastructure projects: A$3.3bn Bruce

Highway, A$300.0m Brisbane Metro,

A$1.0bn M1 Pacific Motorway, A$390.0m

Beerburrum to Nambour Rail upgrade

Existing Properties

(4)

(2)

(3)

(4)

(1)

(#) Number of Existing Properties

(2)(1)

(1)

(1)

(1)

(1)(1)

(1)

(1)

(1)

(1)

(5)(8)

(1)

(1)

(1)

(6)

(6)

19New Properties


Prime and modern logistics facilities with high specifications

New facilities with less expected

future capital expenditure outlay

High specifications installations

including solar PV systems,

hardstand, LED lighting, in-rack

sprinkler systems, crane installation

and ventilation plants

Include state-of-the-art facilities

(e.g. cross-dock facilities with four

sides dock-doors) equipped with

above-market specifications that

meet a wide range of e-commerce

and general goods logistics

requirement

Prime logistics facilities with an average age of 3.7 years

FDM Facility, Australia

Bosch Facility, Germany

20


Consumer37.1%

Logistics58.5%

Manufacturing1.3%

Automotive3.1%

Logistics92.7%

Industrial7.3%

8.6 yearsWALE(1)

100%Leases with CPI-linked

Indexation or Fixed

Escalation

100%Occupancy Rate(1)

Strong Tenant

Profiles

More quality tenants in diversified industries

Tenant Mix and Use of New Properties Top Tenants of New Properties

Diversified tenant pool with minimal concentration risk

Exposed to the key high performing trade sectors

21

Tenant Mix by Trade Sector (1) Tenant Use of Facility (1)

Source: Company websites

1. Based on Gross Rental Income, in respect of the New Properties, for the month of March 2019. This takes into account the arrangement under the Rental Support Deed.











22

Increased Proportion of Freehold Assets(1)

Enhanced Geographical Diversification(1)

Australia64.6%

Germany25.7%

The Netherlands9.7%

Existing Portfolio

Australia56.3%

Germany35.8%

The Netherlands7.9%

Post-Proposed Acquisition

Freehold77.6%

Other Leasehold

8.6%

>80 Year Leasehold13.8%

Existing Portfolio

Freehold81.7%

Other Leasehold

7.1%

>80 Year Leasehold11.2%

Post-Proposed Acquisition100% Freehold

Proposed Acquisition


Strengthens the FLT Portfolio3

Top 10 Tenants

Pre-Proposed Acquisition

3.9% 3.7% 3.7% 3.4% 3.1% 2.6% 2.6% 2.4% 2.4% 2.3%

0%

4%

8%

BMW Group CEVALogistics

(Australia)

Coles Group SchenkerAustralia

Mainfreight Constellium BakkerLogistics

DSVSolutions

TechtronicsIndustriesAustralia

InchcapeMotors

3.3% 3.2% 3.2% 2.9% 2.7% 2.3% 2.2% 2.2% 2.1% 2.0%

0%

3%

6%

BMW Group CEVALogistics

(Australia)

Coles Group SchenkerAustralia

Mainfreight Constellium BakkerLogistics

Hermes DSVSolutions

TechtronicIndustriesAustralia

Post-Proposed Acquisition

30.0%Current Top 10

Tenants by Gross

Rental Income(1)

26.2%Pro Forma

Top 10 Tenants

by Gross Rental

Income(1)

Tenants from New Properties Tenants from Existing Portfolio

Reduced concentration risk in the top 10 tenants

241. Based on the month of March 2019. In respect of the New Properties, this takes into account the arrangement under the Rental Support Deed


▪ Proposed Acquisition is expected to improve lease expiry profile (no single financial year (“FY”) has more than 16.3%

lease expiries up to 30 September 2027)

▪ Highly focused on proactive leasing, which has translated to a healthy portfolio WALE of 6.7 years post-Proposed

Acquisition

▪ Consistent track record in managing lease renewals and enhancing tenant retention

Lease Expiry Profile(1)

0.5% 0.0%

6.2%7.7%

18.1%

8.9% 8.9%

5.2%

12.0%

4.4%

28.1%

0.4% 0.0%

6.0% 6.7%

16.3%

8.0%10.7%

4.8%

10.4%

5.7%

31.0%

0%

10%

20%

30%

40%

Vacant Sep-19 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Sep-25 Sep-26 Sep-27 Sep-28 andBeyond

Pre-Proposed Acquisition Post-Proposed Acquisition

6.5 yearsCurrent WALE

6.7 yearsPro Forma WALE

Expiry over the

next 2 years

reduces from

6.2% to 6.0%

251. Based on Gross Rental Income for the month of March 2019. In respect of the New Properties, this takes into account the arrangement under the Rental Support Deed.











26

DPU Accretion and Consistent with Manager’s Investment Strategy

FLT’S OBJECTIVES

Deliver stable and regular distributions

to unitholders

Achieve long-term growth in DPU

Proposed Acquisition is in line with FLT’s key objectives

27

4

Expansion and deepening of our existing network in the

attractive German and Australian logistics markets

Comprises new, prime and freehold logistics and

industrial properties

100% occupied(1), with high-quality tenants and long

leases

100% leases with CPI-linked indexation or

fixed escalations

Reduces concentration risks through geographical

diversification and tenant mix

Maintains optimal capital mix and prudent

capital management

1. Includes the effects of the arrangement under the Rental Support Deed. Excluding the Rental Support Deed, the target portfolio will have an overall occupancy rate of 93.7%.










28

Consistent Track Record in Leveraging Sponsor’s Platform to Enhance Portfolio Value


2. Includes the New Properties.

1

Exercise of Call

Options in Aug and

Nov 16

• 3 Properties

• Value: A$127.4m

• GLA: 71,126 sq m

• Occupancy: 100%

2

Announced portfolio

acquisition in Australia

in Jun 17

• 7 Properties

• Value: A$169.3m

• GLA: 124,527 sq m

• Occupancy: 100%

3

Strategic entry into

Germany and the

Netherlands in Apr 18

• 21 Properties

• Value: €596.8m

• GLA: 594,931 sq m

• Occupancy: 100%

4

Acquired two

properties in Australia

in Sep 18

• 2 Properties

• Value: A$62.6m

• GLA: 39,565 sq m

• Occupancy: 100%

6

Announced the


in Jul 19

• 12 Properties

• Value: A$644.7m

• GLA: 297,032 sq m

• Occupancy: 100%

1.62.0

1.5

At IPO Current

Europe

Australia

Portfolio Value (A$ billion)

Since listing in

June 2016, FLT’s

portfolio value has

grown by ~2.2x

and achieved

geographical

diversification

~A$1.9 billion of accretive acquisitions in strategic markets since IPO

✓ Improved portfolio metrics

✓ Strengthened footprint in the eastern seaboard of Australia

✓ Enhanced geographical diversification with entry into the attractive

German and Dutch logistics and industrial markets

✓ Leveraging visible pipeline of right of first refusal (“ROFR”) properties

from Sponsor(2)

4

3.5(1)

Acquired a property in

the Netherlands

in Oct 18

• 1 Property

• Value: €25.36m

• GLA: 31,031 sq m

• Occupancy: 100%

5

5

29

Leveraging Sponsor’s integrated development and asset management platform

▪ Active lease management

▪ Asset enhancement initiatives (“AEIs”)

▪ Enhance tenant retention

Potential growth from Sponsor’s development pipeline

ROFR Assets Pipeline(1) Mix

Consistent Track Record in Leveraging Sponsor’s Platform to Enhance Portfolio Value

Access to Robust ROFR Pipeline(1)

Frasers Property Australia:

• 17 existing ROFR assets with total GLA of ~465,000 sq m✓

Frasers Property Europe:

• 18 existing ROFR assets with a total GLA of ~679,000 sq m✓

Integrated Development and Asset Management Platform

Australia40.6%

Europe59.4%

Total GLA:

1.1 million

sq m

301. Only completed income-producing real estate assets which are used for logistics or industrial purposes are included in the ROFR.

5

Transaction Funding and Pro Forma Financial Impact

B+S GmbH Logistik Facility

Keramag & VCK Facility

Transaction Funding

1. Based on an exchange rate of A$1 : S$0.9500.

2. The acquisition fee in respect of each of the New Properties is 0.5% of the Property Purchase Price of the New Properties (in proportion to the effective interest which FLT will hold in each of the

New Property), and will only be paid on completion of the Proposed Acquisition in accordance with the terms of the Share Purchase Agreement.

3. Includes stamp duty of approximately A$7.3 million (approximately S$6.9 million).

Estimated Total Transaction CostA$

million

S$

million(1)

Purchase Consideration 507.2 481.8

Acquisition fee payable to the

Manager(2) 3.1 2.9

Estimated professional fees and

expenses20.1(3) 19.2

Estimated Total Transaction Cost 530.4 503.9

PROPOSED FUNDING

Equity fund raising of new units to institutional and

other investors

Balance of transaction cost to be funded by

borrowings✓

✓

32

1H FY2019 Pro Forma Financials(for illustrative purposes only)

A$ million

1H FY2019

Unaudited Financial

Statements(1)

Immediately after

Completion of the

FY2019 Divestments

Immediately after

Completion of the

FY2019 Divestments

and after the


% Change

from 1H FY2019

Unaudited Financial

Statements

Net Property Income 99.2 92.8 109.1(2) + 10.0

Distributable Income 73.6 70.6 82.8(2) + 12.5

DPU

(Australian cents)3.63 3.49 3.68(2) + 1.4

DPU

(Singapore cents)3.54 3.40 3.58(2) + 1.1

Total Debt 1,097.5 940.5 1,324.3 + 20.7

Gearing (%) 35.1 31.4 36.1 + 2.8

Net Asset Value per

Unit (A$)0.95 0.96 0.98 +3.2

Net Asset Value per

Unit (S$)0.91 0.92 0.94 +3.3

33

Note: An exchange rate of €1 : A$1.6211, A$1 : S$0.9500 and €1 : S$1.5400 were used for preparation of the Pro Forma financials.

1. The FLT Unaudited Financial Statements for 1H FY2019 (“1H FY2019 Unaudited Financial Statements”) which was announced on 26 April 2019.

2. Please refer to paragraph 5.1.1 of the Announcement for the pro forma financial effects of the Proposed Acquisition on FLT’s Net Property Income, Distributable Income and DPU for 1H FY2019.

Note that the pro forma financial effects of the Proposed Acquisition for 1H FY2019 are strictly for illustrative purposes only and were prepared based on assumptions and bases as disclosed in the

Announcement.

Conclusion

Deepens Presence in Attractive

Logistics Markets of Germany

and Australia

▪ Strategic expansion and increase presence in the key logistics hubs

of Germany

▪ Deepens Australian presence in key markets

Prime, Modern and High

Quality Portfolio

▪ Modern portfolio with average age of 3.7 years

▪ High quality tenants in target portfolio

Strengthens the FLT Porfolio

▪ Increase proportion of freehold assets in existing portfolio

▪ Additional high quality logistics assets into more favourable sub-

markets of existing markets

DPU Accretion and Consistent

with Manager’s Investment

Strategy

▪ Delivering DPU growth to unitholders

▪ In line with Manager’s investment strategy

Consistent Track Record in

Leveraging Sponsor’s Platform

to Enhance Portfolio Value

▪ Access to Sponsor’s integrated development and asset management

platform

▪ Acquisition of prime assets from Sponsor since IPO

34

Appendices

Callius & WEG & GILOG Facility

Bosch Facility

Sub-market Overview Germany

Locations

No. of Existing

Properties Precinct Characteristics

Leipzig-Chemnitz 2

▪ Serviced by the Leipzig/Halle Airport and the Dresden Airport

▪ Leipzig is well-connected via rail and serves as an important junction of the north-to-south and west-to-

east railway lines

▪ Chemnitz is situated at the intersection of two key motorways—the A4 Erfurt-Dresden and the A72

Hof-Leipzig Autobahns

Munich-Nuremberg 4

▪ Ranked as the #1 hi-tech location in Europe by the European Commission

▪ Located on the intersection of two core network corridors of the Trans-European Transport Network

▪ Serves as a distribution centre and logistics hub for Southern Germany

Stuttgart-Mannheim 5

▪ Stuttgart is the largest city of the German state of Baden-Wurttemberg and one of the wealthiest regions

in Europe with a high level of employment

▪ Mannheim is Germany’s second most important intercity railway junction with Paris about 3 hours away

Dusseldorf-Cologne 4

▪ 9 of Europe’s top 100 logistics companies are located in North Rhine-Westphalia along with over 24,000

logistics companies

▪ A major hub in the Deutsche Bahn railway network and is also directly accessible via the A3 motorway

▪ Served by Cologne Bonn Airport (ranked third busiest air cargo hub in Germany) and Dusseldorf

International Airport (ranked third in passenger traffic in Germany)

Hamburg-Bremen 2

▪ Access to Bremen airport, Hannover-Langenhagen airport in Germany and Braunschweig-Wolfsburg

airport

▪ Well connected to motorways such as A28, A29, A293, A2 and A391

36

Germany Sub-market Overview: Berlin

Key Tenants (New Properties)

Hermes

Berlin Facility

✓ Germany’s world-stage metropolitan region

✓ Offers highly developed infrastructure, a

vibrant economic environment and access to

a huge pool of highly qualified staff and senior

management

✓ Many companies are locating to the economic

region, expanding and attracting highly

qualified staff from other areas in Germany

and abroad

✓ Leading global location for business start-ups

with the world’s best growth potential

✓ Well-linked to the logistics sites in the

commuter belt around Berlin

✓ In close proximity with the three freight

centres in Großbeeren, Freienbrink and

Wustermark which provide great potential for

multimodal transshipment

✓ Situated close to the industrial zone “Etzin”,

which is 43 kilometres west of Berlin

37

Germany Sub-market Overview: Munich


EDEKA

Facility

Hermes

Augsburg Facility

✓ Capital of Bavaria and Germany’s third-largest

city, with approximately 1.5 million inhabitants

✓ Currently experiencing economic growth and

is one of the most popular places to live and

work in the country

✓ Home to world-renowned companies and hi-

tech companies such as BMW, Allianz,

Munich Re, ProSiebenSat1, Infineon,

Siemens and Linde

✓ Hosts around 22,000 hi-tech companies in the

electronics, media-tech, electrical

engineering, mechanical engineering and

vehicle manufacturing sectors and also in the

aerospace industry

✓ Benefits from good supra-regional

connections with both the national and

international motorway networks

✓ Provides container shipment facilities

principally via the München-Riem Deutsche

Umschlaggesellschaft Schiene – Straße

(“DUSS”) terminal

✓ The Munich Airport is the busiest air freight

hub in southern Germany

38

Germany Sub-market Overview: Stuttgart


Bosch

Facility

Kentner

Facility

✓ Known as the centre of one of the

economically strongest metropolitan regions

and is one of the most innovative high-tech

locations in Europe

✓ Home to a mix of global players such as

Daimler and Porsche, a very lively middle

class with many world market leaders, an

excellently trained workforce and one of the

leading research and development

landscapes

✓ Highly attractive to contract logistics services

and industrial owner-occupiers

✓ The ports of Stuttgart and Heilbronn constitute

two important trimodal traffic centres

✓ The Port of Stuttgart also offers transhipment

options for rail/road transport services,

handling mainly incoming raw materials for

local industry as well as the resulting finished

products

✓ Features the Kornwestheim freight centre

(GVZ) in the north of the region

39

Germany Sub-market Overview: Frankfurt am Main / Rhine-Main


Amor &

Mühle Facility

✓ Centrally located and is accessible to every

business metropolis in Europe within a

maximum of three hours

✓ Attracts large and internationally active

logistics and trading companies (15 of the top

100 logistic companies are found in the

region)

✓ One of the best equipped and top-performing

logistics regions in Germany

✓ One of the most important international hubs

for air traffic, with Frankfurt International

Airport being one of the ten largest airports in

the world

✓ Features the container terminals in Frankfurt

and Mainz that can be used for combined

transportation

✓ Includes the Frankfurt main station which is

one of the largest train stations within Europe

with excellent connections to important and

high frequented international rail routes

40

Germany Sub-market Overview: Dusseldorf

✓ Underpinned by Dusseldorf – state capital of

North Rhine-Westphalia

✓ 40% of all EU citizens live within a 500-km

radius of Dusseldorf

✓ Key economic hub for many global companies

from the USA, The Netherlands, UK, France,

Scandinavia, Taiwan, Korea and Japan

✓ Consistently high demand and a lack of

supply have translated into occupiers

accepting longer lease terms

✓ Has one of the most efficient infrastructures

and is one of the most flexible logistics

regions in Germany

✓ A major hub in the Deutsche Bahn railway

network and is also directly accessible via the

A3 motorway

✓ Served by Port of Duisburg, Europe’s largest

inland port and Germany’s most important

transhipment hub

✓ Dusseldorf International Airport (ranked

Germany’s third in passenger traffic) can be

reached within 15 minutes


Keramag &

VCK Facility

41

Germany Sub-market Overview: Cologne


✓ The urban areas in the region are served by

an extremely dense motorway network

✓ Crossroads for important transport routes

such as the north-south A1 and the east-west

A4

✓ Various options for container trans-shipment

✓ Served by the Cologne Eifelton freight centre

(GVZ) which is one of the country’s busiest

freight centres

✓ Features the Port of Cologne, which is the

second largest inland port in Germany

✓ Cologne Bonn Airport is Germany’s third

largest air freight hub and is used for receiving

and dispatching time-critical goods by air

freight

✓ The airport supports around-the-clock

operations

Callius & WEG &

GILOG Facility

42

Germany Sub-market Overview: Münster-Osnabrück-Bielefeld


B+S GmbH

Logistik Facility

✓ Benefits from its location on the east-west

axis from the Netherlands to Eastern Europe

and from the German seaports to the Ruhr

area

✓ Distinguished as a location for many specific

and individual logistics services

✓ Suitable for both internationally active

companies such as Dr. Oetker and FIEGE

Logistics and medium-sized companies

✓ Features three different locations that offer

trimodal transhipment options for combined

transport: Rheine freight centre, Osnabruck

freight centre and in Gutersloh

✓ Located at an ideal intersection between the

A1 motorway that runs north-south,

connecting the region with the sea ports in the

north of Germany as well as with the Ruhr

Valley, the A30 that runs east to west and

connects the region with the Netherlands, and

the city of Hanover

43

Australia Sub-market Overview: Melbourne

Melbourne continues to strengthen its position as a major Australian logistics and industrial

markets, supported by strong population growth and significant infrastructure investment.

Sub-market Location

No. of

Properties Precinct Characteristic

South East

A 5 ▪ Access to M1 (Monash Freeway) and M3

(EastLink)

▪ Services the large south eastern

residential population base

B 8+1

C 1

North D 6

▪ Access to key freeways, including the

Tullamarine Freeway, Citylink Tollway, and

Western Ring Road, together with the

Tullamarine Airport

▪ Sydney is accessed via the

Hume Highway

West E 6

▪ Close to the shipping port and access to

the M1, Geelong Road, M80 Western Ring

Road

City Fringe

F 1 ▪ Access to the M1 (Westgate Freeway)

linking it to

the west precinctG 1

Total 29

FLT’s properties in Melbourne are primarily located in the west and south east

industrial precincts and service Melbourne’s port and large south eastern

residential population base

A

B

C

D

E

F

South Park Industrial Estate

The Key Industrial Park

Mulgrave

Melbourne Airport Business Park

West Park Industrial Estate

Altona Industrial Park

AB

D

E

F

G

Existing Properties

G Port Melbourne

C


44

New & Existing Properties

B

D

E

C

A

Australia Sub-market Overview: Sydney

Demand for logistics and industrial space continues to outstrip supply, underpinned by a

robust domestic economy and an unprecedented level of infrastructure investment.

FLT’s properties in Sydney are well-connected to major freeways, Sydney’s port

and are able to service growing population in the north west

Sub-market Location

No. of


Outer

Central West

A 4+1 ▪ Excellent access to key motorways,

including M7, M4 and other main arterial

roads

▪ Third-party logistics (“3PL”), retail and

wholesale distribution centres for key

brand name operators are located in this

precinct

B 2

C 3

Outer

North West

D 4▪ Close to M2 and M7 and access to the

large and growing north west population

corridor

▪ Supply is moderately constrained – sites

suit smaller developmentE 1

Port Kembla

(Wollongong)N.A 1

▪ One of the three major trade ports within

New South Wales and is situated within

the southern industrial city of Wollongong

Total 16

A

B

C

Eastern Creek

Pemulwuy

Wetherill Park

D Seven Hills


45

Winston Hills

Existing Properties New & Existing Properties

E

Australia Sub-market Overview: Brisbane

Improving economic conditions combined with employment has driven household consumption,

which has underpinned tenant and buyer demand for logistics and industrial space.

FLT’s properties in Brisbane are primarily concentrated in the southern

sub-market, which has good road linkages to the north, west and south to the

Gold Coast residential population bases

Sub-market Location

No. of


Southern

A 1

▪ Largest geographical industrial precinct

that has good road linkages to the north,

west and south to the Gold Coast

residential population

B 1

C 1

D 1

E 1

F 1

G 1

H 2

I 1+1

Trade Coast J 1

▪ Close to key infrastructure, including Port

of Brisbane and the Brisbane Airport.

Access to the north and south via the M1

▪ Supply here is constrained

Northern K 1

▪ Services the population to the North of

Brisbane via the Gympie Road, Bruce

Highway and Houghton Highway. Limited

availability of development land

Total 13

AB

C

D

E

I

F

G

H

J

K

Queensport RoadBoundary Road Shettleston Street

Siltstone Place Sandstone Place

A

B

C

D

F

G

H

Flint Street

Stradbroke Street Pearson Road

E Platinum Street I

J

Wayne Goss Drive

Earnshaw RoadK


46

Existing Properties New & Existing Properties

E-commerce Underpins Significant Growth in the Logistics Sector

▪ E-commerce is a key driver behind the development of the global logistics market, which is boosting demand for Logistics

and Industrial properties and encouraging new project developments

▪ Online retail sales (as percentage of total retail sales) is expected to grow exponentially in the years to come

▪ Very strong demand growth has cut the availability of large-scale modern warehouse space, producing capacity

constraints in several major logistics hubs globally

▪ Growing customer expectations for same-day and same-hour delivery are forcing an increasing number of courier,

express and parcel service providers to seek new centres for last mile city distribution

28.6

17.8

15.1

10.0 9.7 9.6 9.57.5 7.4 7.3

5.3 4.8 4.3 4.3 3.4

0

5

10

15

20

25

30

35

Chin

a

UK

Ge

rmany

Fra

nce

Sw

eden

US

Th

eN

eth

erla

nds

Sw

itzerlan

d

Au

str

ia

Be

lgiu

m

Au

str

alia

Sp

ain

Po

lan

d

Sin

ga

pore

Italy

(%)

Online Retail Sales as % of Total Retail Sales (Oct 2017 – Sep 2018)

Source: ABS, Statista, Center for Retail Research, JLL Research, Singstat

47

E-commerce Underpins Significant Growth in the Logistics Sector (Cont’d)

E-Commerce has been and will continue to be a compelling driver in maintaining and growing

demand for logistics and industrial real estate.

Australia Potential Additional Demand of 530,000sq m Required by 2022Cumulative space required (’000 sq m)(1)

Europe Potential Additional Demand of 10mm sq m Required by 2021Cumulative space required (‘000 sq m)(1)E-commerce Sales

(US$bn)

9.610.6

11.813.0

14.315.5

16.6

0

5

10

15

20

2016 2017 2018F 2019F 2020F 2021F 2022F

282310

341373

404430

0

100

200

300

400

500

2016 2017 2018F 2019F 2020F 2021F

131

271

412

544

662

0

100

200

300

400

500

600

700

2018F 2019F 2020F 2021F 2022F

3,437

6,968

10,405

13,378

0

4,000

8,000

12,000

16,000

2018F 2019F 2020F 2021F

E-commerce Sales (US$bn)

Source: Statista, CBRE

1. Assumes that 111,500 sq m is required for each US$1 bn of online sales.48

Overview of Properties (Germany)

Callius & WEG & GILOG Facility Hermes Berlin Facility Hermes Ausburg Facility EDEKA Facility

Property Highlights

▪ Multi-leased property to 3

established tenants Callius,

WEG, GILOG

▪ Excellent access to A61 and A4

Motorways

▪ Situated along the A10 Motorway

▪ The property is a cross-dock

logistics facility part of a portfolio of

six cross-dock facilities

▪ This state-of-the-art facility benefits

of excellent building specifications

and strong third-party usability

▪ Situated in Graben with direct links

to the B17 Motorway

▪ Temperature controlled facility

▪ Single tenanted property leased to

EDEKA

▪ Located within close proximity to

Munich Airport

GeographyBergheim,

Germany

Berlin,

Germany

Ausburg,

Germany

Garching,

Germany

GLA(1) (sq m) 19,404 13,142(4) 11,534(5) 13,014

Land Title Freehold Freehold Freehold Freehold

Appraised Value(2)

(€ million)19.1 40.2 33.2 29.8

Indicative Purchase Price

(€ million)19.0 40.2 33.1 29.7

Occupancy(1) 100.0% 100.0% 100.0% 100.0%

WALE(3) 5.1 13.6 13.9 13.7

Completion Date 2001,2018 2018 2018 2007

Tenant(s)

Callius GmbH,

WEG Germany GmbH,

GILOG Gesellschaft für Innovative Logistik

mbH

Hermes Germany GmbH Hermes Germany GmbH EDEKA Aktiengesellschaft

Tenant Trade Sector Logistics, Manufacturing Logistics Logistics Consumer

49

1. As at 31 March 2019.

2. Based on the higher of the two independent valuations.


4. Total contracted GLA is 57,250 sq m which includes a warehouse and office area of 13,142 sq m & an outdoor area of 44,108 sq m as per lease agreement.

5. Total contracted GLA is 48,642 sq m which includes a warehouse and office space of 11,534 sq m & an outdoor area of 37,108 sq m as per lease agreement.

Overview of Properties (Germany) (Cont’d)

Kentner Facility Amor & Mühle Facility Keramag & VCK Facility Bosch Facility B+S GmbH Logistik Facility

Property Highlights

▪ Well-positioned with close

access to the A7 Motorway

▪ Single tenanted property

leased out to Kentner

▪ Well-positioned to cater to

the Rhine-Main region

and located near to

Frankfurt Airport

▪ Located in the Rhine-

Rhur metropolitan region

▪ Excellent access to A524

and A53 Motorways, in

close proximity to

Dusseldorf Airport

▪ Excellent location

positioned closely to the

A81 & B27 Motorways

▪ High quality logistics

development completed in

2018

▪ Located in the Rhine-Ruhr

region with excellent

access to both A2 and A33

Motorways

GeographyHerbrechtingen

Germany

Obertshausen,

Germany

Ratingen,

Germany

Tamm,

Germany

Bielefeld,

Germany

GLA(1) (sq m) 44,501 16,962(4) 43,095(6) 38,932 22,336

Land Title Freehold Freehold Freehold Freehold Freehold

Appraised Value(2)

(€ million)32.3 29.3 46.4 68.7 24.5

Property Purchase

Price

(€ million)

31.1 28.8(5) 45.9 68.1 24.4

Occupancy(1) 100.0% 100.0% 100.0% 100.0% 100%

WALE(3) 7.8 14.1 6.7 9.3 8.3

Completion Date 2008 2017 2014 2018 2016

Tenant(s)Wilhelm Kentner Kraftwagen –

Spedition GmbH & Co. KG

Amor GmbH,

Mühle Verpackungs-und

Dienstleistungs GmbH

Keramag Keramische WerkeAG,

VCK Logistics SCS GmbHRobert Bosch GmbH

B+S GmbH Logistik und

Dienstleistungen

Tenant Trade

SectorLogistics Consumer, Logistics Logistics, Consumer Consumer Logistics

50

1. As at 31 March 2019.



4. Excludes the Amor & Mühle AEI. The Amor & Mühle Facility has undergone an expansion which was completed in March 2019, with a new lease to the existing tenant, Mühle, commencing from 1 April 2019.

5. Indicative purchase price for the Obertshausen asset has taken into account the expansion area to be completed by April 2019.

6. Total contracted GLA is 43,095 sq m which includes an outdoor area of 5,368 sq m as per lease agreement.

Avery Dennison & GM Kane

and Sons Facility Dana & Pinnacle & Licensing Facility FDM Facility

Property Highlights

▪ Site forms part of the Southwest

Industrial Estate

▪ Located in close proximity to the

Logan Motorway

▪ Located within proximity of the

Eastlink and Monash Freeway

▪ Located within Eastern Creek with

excellent access to both M4 and M7

GeographyQueensland,

Australia

Victoria,

Australia

New South Wales,

Australia

GLA(1) (sq m) 15,456 25,762 32,894

Land Title Freehold Freehold Freehold

Appraised Value(2)

(A$ million)25.5(4) 36.0(4) 65.5(5)

Indicative Purchase Price

(A$ million)25.2 34.8 65.5(5)

Occupancy(1) 100.0% 100.0% 100.0%(6)

WALE(3) 3.9 4.2 5.0

Completion Date 2016 2016 2019

Tenant(s)Avery Dennison Materials Pty Ltd,

GM Kane and Sons Pty Ltd

Dana Australia Pty Ltd,

Pinnacle Diversity Pty Ltd,

Licensing Essentials Pty Ltd

FDM Warehousing Pty Ltd,

Vacant

Tenant Trade Sector Consumer, Automotive Consumer, Logistics Logistics

Overview of Properties (Australia)

51

1. As at 31 March 2019.



4. Valuation includes the effects of the arrangement under the relevant Incentive Reimbursement Deed.

5. Valuation includes the effects of the arrangement under the Rental Support Deed. Excluding the Rental Support Deed, the valuation would be A$63.4 million and A$63.5 million for Colliers AU and Urbis, respectively.

6. The occupancy of the FDM Facility is 51.7% as at 31 March 2019, excluding the arrangement under the Rental Support Deed.

$0.80

$0.90

$1.00

$1.10

$1.20

$1.30

$1.40

Jun 16 Oct 16 Feb 17 Jun 17 Oct 17 Feb 18 Jun 18 Oct 18 Feb 19 Jun 19

FLT Rebased FTSE ST REIT Index Rebased Straits Times Index

FLT Track Record: Attractive Returns Since IPO

Source: Factset as of 2 July 2019

1. Based on closing price as of 2 July 2019 of S$1.22 per share over the IPO price of S$0.89 per share. Calculation of the total return assumed the distributions paid during the year are reinvested.

2. Period from 28 February 2019 (being the inclusion announcement date) to 2 July 2019.

Trading Performance –

FLT delivered a total return

of 37.1%(1) for the period

since IPO to 2 July 2019

Entry into EPRA/NAREIT

Developed Index –

Unit price up approximately 10.9%(2)

with higher daily average volumes

Healthy Distributions –

FLT has paid out 100% of

distributable income since IPO

Stable Distributions

Includes DPU of 0.10

Singapore cents (0.10

Australian cents) for

the period from 20

Jun to 30 Jun 16

Assuming 100% of

management fees

were paid in units,

1QFY18 DPU would

have been 1.75

Australian cents

Assuming 100% of

management fees

were paid in units,

2QFY18 DPU would

have been 1.77

Australian cents

1.8

5

1.7

4

1.7

5

1.7

5

1.7

5

1.7

0

1.7

0

1.7

6

1.7

8

1.8

4

1.7

4

1.7

5

1.7

5

1.7

7

1.8

0

1.8

1

1.8

0

1.7

8

0.00

0.50

1.00

1.50

2.00

2.50

20 Jun -30 Sep2016

1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18

Australian Cents Singapore Cents

52

Total Return(1)

since FLT IPO:

Trading Performance Since IPO

Closing price (S$)

+37.1%

+28.1%

22.0%

28 June 17:

Acquisition of 7

properties in Australia

19 April 18:

Strategic entry into

Germany

and the Netherlands via

the acquisition of 21

properties

28 Feb 19:

Entry into the FTSE

EPRA/NAREIT

Developed Index

Proposed Acquisition of 12 Prime Logistics Properties in Germany … · 2019-07-02 · (“Colliers...

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