The$2.6 billion takeover of Australand by Singapore-based Frasers Centrepoint, which last year won control of Frasers Property Australia, could signal a new property trust will be created for Australand’s office and industrial assets, media reports on Monday morning said. Australand had benefited from strong demand for residential land and apartments, which fuelled a 49 per cent rise in net profit to $131.5 million 2014 financial year, The Australian Financial Review said.
Stockland’s failed attempt to take over the company also delivered an $80 million profit to Australand.
Frasers Centrepoint is now controlled by Charoen Sirivadhanabhakdi who continues on an acquisition trail of $4.5bn of acquisitions this year, according to Financial Times, including US based United Engineers.