Frasers Hospitality Trust (FHT) will have a portfolio of 12 properties when it lists on the Singapore Exchange later this year. Frasers Centrepoint Ltd announced on May 12 that it would be holding an extraordinary general meeting on May 28 to seek shareholders’ approval for the injection of six serviced residences into FHT. Frasers Centrepoint, which manages Frasers Centrepoint Trust and Frasers Commercial Trust, will manage FHT.

“The setting-up of FHT is in line with our ongoing strategy to optimise capital productivity and strengthen our income base through REIT [real estate investment trust] platforms,” says Lim Ee Seng, CEO of Frasers Centrepoint Group.

The six serviced residences with a total of 830 serviced apartments to be injected into the trust are Fraser Suites Singapore, Fraser Suites Sydney, Fraser Place Canary Wharf, Fraser Suites Queens Gate, Fraser Suites Glasgow and Fraser Suites Edinburgh. The portfolio has an appraised value of $620 million, based on a 75-year lease. The sale consideration is set at a minimum aggregate sale consideration of $651.7 million for the leasehold interests in the serviced residences, taking into consideration the 75-year leasehold valuations by independent valuers.

Another six properties with 1,928 rooms in total will come from Frasers Centrepoint’s Thai parent TCC Group. They are the InterContinental Singapore, Novotel Rockford Darling Harbour, Park International London, Best Western Cromwell London, ANA Crowne Plaza Kobe and Westin Kuala Lumpur.