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| Posted: http://www.btimes.com.my en Monday, September 10, 2012, 09.18 AM http://www.btimes.com.my/articles/20120910091603/Article/ http://www.btimes.com.my/articles/20120910091603/Article/ Mon, 10 Sep 2012 09:16:03 +0800 Fraser and Neave Ltd, the 129-year-old conglomerate selling its brewery business, is poised to fracture further as the chance to own a piece of Singapore's most famous shopping strip lures buyers. After Heineken NV acquires FandN's stake in a brewery they own for S$5.4 billion (US$4.3 billion), the Singaporean company will still own businesses ranging from soft drinks to apartment buildings. An acquirer may pay as much as S$7.7 billion for the Frasers Centrepoint Ltd property unit, 71 percent more than is reflected in FandN's share price, said Religare Capital Markets Ltd. That would be Southeast Asia's largest real-estate deal, according to data compiled by Bloomberg. Rent in Singapore has remained high as the population surged 18 percent in five years and the city attracts a million visitors a month, data compiled by Bloomberg show. FandN's 332,261-square foot mall on Orchard Road, the city's biggest tourist attraction, and over 7,000 furnished apartments from Europe to Australia may lure foreign buyers, including billionaire Li Ka-Shing's Cheung Kong Holdings Ltd, said DMG and Partners Securities Pte Ltd. With similar assets and S$5.1 billion of cash, Singapore's CapitaLand Ltd is a natural buyer, according to Henderson Global Investors Ltd. "These are big assets that don't often come onto the market," Tim Gibson, Singapore-based head of Asia-Pacific property research at Henderson, which oversees more than US$100 billion, said in a telephone interview. "There'll be lots of interested parties. Getting your hands on these types of assets will be tough otherwise." Brewery Sale "FandN remains fully committed to deliver superior value to shareholders," the company said in an e-mailed response to questions about its plans for the property assets. "Moving forward, we will sharpen our focus on and enhance value of the two core businesses of FandB and Properties through continued investments in these businesses and strategic MandAs." Last week the company said that some of the S$4.8 billion net gain from the brewery sale will be used to repay debt, "giving us flexibility to take advantage of business opportunities in the food and beverage and properties businesses, in the region." Started in 1883 as a carbonated soft drinks company by John Fraser and David Chalmers Neave, FandN entered the property business more than a century later, according to its website. The company is better known for its stake in 81-year-old Asia Pacific Breweries Ltd, the brewer and distributor of Tiger and Heineken beers in markets from Indonesia to China. -- Bloomberg http://www.btimes.com.my en Monday, September 10, 2012, 09.18 AM http://www.btimes.com.my/articles/20120910091603/Article/ http://www.btimes.com.my/articles/20120910091603/Article/ Mon, 10 Sep 2012 09:16:03 +0800 Fraser and Neave Ltd, the 129-year-old conglomerate selling its brewery business, is poised to fracture further as the chance to own a piece of Singapore's most famous shopping strip lures buyers. After Heineken NV acquires FandN's stake in a brewery they own for S$5.4 billion (US$4.3 billion), the Singaporean company will still own businesses ranging from soft drinks to apartment buildings. An acquirer may pay as much as S$7.7 billion for the Frasers Centrepoint Ltd property unit, 71 percent more than is reflected in FandN's share price, said Religare Capital Markets Ltd. That would be Southeast Asia's largest real-estate deal, according to data compiled by Bloomberg. Rent in Singapore has remained high as the population surged 18 percent in five years and the city attracts a million visitors a month, data compiled by Bloomberg show. FandN's 332,261-square foot mall on Orchard Road, the city's biggest tourist attraction, and over 7,000 furnished apartments from Europe to Australia may lure foreign buyers, including billionaire Li Ka-Shing's Cheung Kong Holdings Ltd, said DMG and Partners Securities Pte Ltd. With similar assets and S$5.1 billion of cash, Singapore's CapitaLand Ltd is a natural buyer, according to Henderson Global Investors Ltd. "These are big assets that don't often come onto the market," Tim Gibson, Singapore-based head of Asia-Pacific property research at Henderson, which oversees more than US$100 billion, said in a telephone interview. "There'll be lots of interested parties. Getting your hands on these types of assets will be tough otherwise." Brewery Sale "FandN remains fully committed to deliver superior value to shareholders," the company said in an e-mailed response to questions about its plans for the property assets. "Moving forward, we will sharpen our focus on and enhance value of the two core businesses of FandB and Properties through continued investments in these businesses and strategic MandAs." Last week the company said that some of the S$4.8 billion net gain from the brewery sale will be used to repay debt, "giving us flexibility to take advantage of business opportunities in the food and beverage and properties businesses, in the region." Started in 1883 as a carbonated soft drinks company by John Fraser and David Chalmers Neave, FandN entered the property business more than a century later, according to its website. The company is better known for its stake in 81-year-old Asia Pacific Breweries Ltd, the brewer and distributor of Tiger and Heineken beers in markets from Indonesia to China. -- Bloomberg |
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