Tycoon Charoen Sirivadhanabhakdi’s Frasers Property To Buyout Hotel REIT In Deal Valued At $970 MillionFrasers Property — controlled by Thai
billionaire Charoen Sirivadhanabhakdi — has offered to buy Frasers Hospitality Trust (FHT) in a deal valuing the Singapore-listed
real estate investment trust at S$1.35 billion ($970 million).
The offer comes as Frasers Hospitality — which
manages 14 hotels and serviced residences with more than 2,600 rooms across key gateway cities in Asia, Australia and Europe — faces headwinds brought on by the Covid-19 pandemic that has upended the travel and tourism industry in the past two years.
Under the deal, which is subject to regulatory approvals, Frasers Property is offering to
buy the rest of the REIT that it doesn’t own at S$0.70 per share, the real estate giant said in a regulatory filing on Monday. The Singapore-listed developer currently owns
25.8% of FHT, while Charoen’s TCC Group holds another
36.7% with minority investors owning the rest.