Frasers Logistics & Commercial Trust has bought six properties in Europe in a bid to capitalise on the e-commerce-driven demand for the logistics space. In a separate development, medical device maker Genesis MedTech Group raised an undisclosed amount in its Series B round led by private equity firm General Atlantic.
Frasers Logistics Trust invests in Europe
Frasers Logistics & Commercial Trust has bought six properties in Europe in a bid to capitalise on the e-commerce-driven demand for the logistics space.
The trust will acquire three freehold warehouses in Germany and one in the Netherlands from its sponsor Fraser Property, and two freehold warehouses in the UK.
The total cost of the purchases adds up to S$548.7 million, a 2.5% discount from the properties’ appraised value of S$562.4 million, Frasers Logistics & Commercial Asset Management said in a press release. The properties have a blended occupancy rate of 97.4%, it added.
The two UK properties, which mark the trust’s foray into the UK logistics sector, are located in the West Midlands near Birmingham.
“The UK and Germany are the two largest e-commerce markets in Europe and among the top 10 globally. In the UK, online retail sales penetration increased 46.0% year-on-year in 2020, while Germany and the Netherlands also experienced growth of 20.7% and 24.6% Y-o-Y in 2020 respectively,” Frasers Logistics & Commercial Asset Management said.
Genesis MedTech Group raises funding
Singapore-headquartered medical device maker Genesis MedTech Group has raised an undisclosed amount in its Series B round led by private equity firm General Atlantic, with the participation from CITIC Capital and others, per an announcement.
A press release issued by CITIC Capital put the fundraising amount at “hundreds of millions of US dollars”.
Most shareholders from its Series A followed up with additional investments, while General Atlantic’s managing director and head of healthcare for China Lefei Sun will join the company’s board of directors.
The fresh funds will be used by Genesis MedTech Group to ramp up its research and development, and expand operations in the emerging markets, the firm said.
Genesis MedTech Group, founded in 2019, manufactures and distributes medical devices.