The Search is Over - FCOT lands Google

I previously blogged about FCOT being a mixed bag of goodies but perhaps one that is worth the wait. It didn't take that long for the bells of good fortune to start ringing.

From OCBC broker's report:

Good things come to those who wait
Last evening, Frasers Commercial Trust (FCOT) announced that it has entered into a lease agreement with Google Asia Pacific Pte. Ltd. (Google) for the latter to take up space at Alexandra Technopark (ATP). The total leased area will be ~344,100 sqft, or ~33.3% of ATP’s total NLA. As of 25 June, this will bring ATP’s committed occupancy rate to 93.7%. We note that Google will be signing a 5-year term starting from 1QCY20. While the average gross rent was not announced, channel checks suggest that rates could lie modestly north of $4 psf, which would indeed be in-line with recent signing rents, despite the significant amount of space leased.

Main points

5- year deal.
33% of ATP total NLA. (344k sqft)
Commited occupancy now 93.7%
Modest rents of approx. 4+ psf (better than nothing).
FY20 DPU of 9.85 cents (forecast)
Health Gearing of 29.1%

Awesome balls, FCOT.

Onward to FI friends.

Comments

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