Frasers Centrepoint backed by Thai billionaire Charoen Sirivadhanabhakdi has reached a deal to buy
Australand Property Group for $2.6 billion.
Mr Charoen who is valued at USD$12.2 billion, will now take control of a $2.4 billion portfolio of office towers and logistics facilities, $1.8 billion of commercial development, a $7.5 billion housing pipeline and personnel of 522 permanent staff members.
Last month Frasers entered the bidding race for the Australian firm, trumping the $2.5 billon offer from
Stockland, which is currently the biggest shareholder of Australand with a 15.7 percent stake.
Australand said a statement on Tuesday it has entered into an agreement with Frasers under which the Singapore firm's wholly-owned subsidiary will make an offer to buy Australand's stapled securities for A$4.48 each. The deal has to be approved by at least half of Australand's shareholders and Australia's Foreign Investment Review Board.
Frasers itself already has a substantial development operation in Australia with a pipeline of 2,300 apartments.
These projects include Central Park in Sydney and Queens Riverside in Perth.