03 November 2014

Frasers Centrepoint Limited begins integration of Australia business - November 2014

Singapore, 3 November 2014 – Frasers Centrepoint Limited (“FCL” or the “Company”, and together with its subsidiaries, the “Group”), which recently acquired Australand for A$2.6 billion, today announced that Bob Johnston will lead the combined Frasers Property Australia and Australand businesses; as a consequence, Guy Pahor will be stepping down as Chief Executive Officer of Frasers Property Australia. FCL had announced on 31 October 2014 the completion of the compulsory acquisition of Australand. Australand became a wholly-owned subsidiary of the Group following the compulsory acquisition.

Australand has three operating divisions, namely Residential, Commercial & Industrial and Investment Properties and has over 500 employees across Sydney, Melbourne, Perth, Adelaide and South East Queensland.

FCL Group Chief Executive Officer, Lim Ee Seng said that, as CEO of Frasers Property Australia, Guy Pahor has steered the development of the group through a critical phase and successfully executed on a number of the group’s large, mixed-use urban regeneration projects. These include the iconic Central Park development in Sydney’s southern CBD and Putney Hill, a medium density development located on the former 14 hectare Ryde Rehabilitation Hospital site. Mr Pahor will remain with the Group in an advisory capacity.

About Frasers Centrepoint Limited

Frasers Centrepoint Limited (“FCL”) is a full-fledged international real estate company and one of Singapore’s top property companies with total assets of approximately S$11.8 billion as at 30 June 2014. FCL has three core businesses focused on residential, commercial and hospitality properties spanning over 30 cities across Asia, Australasia, Europe, and the Middle-East.

FCL is listed on the Main Board of the SGX-ST. The Company is also the sponsor of three real estate investment trusts listed on the Main Board of SGX-ST, namely Frasers Centrepoint Trust, Frasers Commercial Trust, and Frasers Hospitality Trust, which are focused on retail properties, office and business space properties, and hospitality properties, respectively.
As a testament to its excellent service standards, best practices, and support of the environment, FCL is the proud recipient of numerous awards and accolades both locally and abroad. For more information on FCL, please visit www.fraserscentrepoint.com.

Source: Here 

My Notes

This is viewed as the further step for FCL to integrate its business with Australia division. Hopefully synergies could be created after a certain cost can be reduced (e.g. human capital costs, system costs etc)

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