Frasers Property Industrial reports profit before interest and tax (“PBIT”) of S$204.4 million (A$232.3 million & EUR 140.4 million) for 1H FY24, with assets under management of S$11.5 billion  (A$13.1 billion & EUR 7.9 billion).
Key performance highlights as at 31 March 2024:

• Frasers Property Industrial’s assets under management valued at S$11.5 billion (A$13.1 billion & EUR 7.9 billion)
• Frasers Property Industrial’s total assets under management comprises 172 completed properties across five countries, equating to 4.6 million sqm of net lettable area (NLA): 
• Australia:Non-REIT portfolio consisting of 41 completed assets with a total value of S$2.5 billion (A$2.8 billion & EUR 1.7 billion)
• Europe:Non-REIT portfolio consisting of 19 completed assets with a total value of S$0.6 billion (A$0.7 billion & EUR 0.4 billion
• Frasers Property Industrial’s multinational network and expertise supports customers across geographies, with continuing high-quality tenant demand driving a stable pipeline of development -projects: 
• Strategic land bank totalling 3.0 million sqm located in prime areas secures robust development pipeline
• Strengthened pipeline with 14 assets under development totalling 420,000 sqm planned for completion in FY24 (6 assets) and FY25 (8 assets).

Sustainability continues to be a core focus for the Group. Frasers Property Industrial was recognised as Regional Sector Leader for Oceania in the Industrial category for our Australian portfolio and has ranked first in 2023 GRESB results in the “Australia | Industrial: Tenant Controlled | Core category (out of 10) and “Industrial/Oceania (out of 28). While the European active development portfolio achieved a 5-star GRESB rating for the first time.

Reini Otter, Chief Executive Officer, Frasers Property Industrial says that despite the uncertainty of the macroeconomic environment, the company's earnings remain stable thanks to its robust leasing activity and the completion of several high-quality developments.

“We have one of the most strategically positioned land banks across Australia, Germany, and the Netherlands. Especially in Australia where we see high customer demand, this gives us a strong base for future earnings and growth.” 

“Our focus on a customer-centric approach has made us the preferred property partner for many. We continue to see better results in our NPS and CSAT scores, which direct our efforts to improve the customer experience in the short and long term. The longevity of our partnerships across multiple facilities and countries shows the strength of our customer relationships.”  

“The half yearly results report that the Frasers Property Industrial portfolio has grown since FY23 to S$11.5 billion (A$13.1 billion $ EUR 7.9 billion) and our strategic land bank has also grown to 3.0 million sqm, as we prioritise delivering our pipeline and focus on prudent reinvestment.” 

“We maintained our pipeline with 14 assets under development totalling ~420,000 sqm planned for completion in FY24 and FY25 and acquired four greenfield development sites totalling ~585,000 sqm in NSW with and VIC, Australia and the Netherlands in 1H FY24, this included partnering in a 50:50 joint venture to secure ~500,000 sqm in Melbourne’s southeast.”

Mr Otter added that the business will continue to strive to build better facilities that increase customer productivity, lower carbon emissions, and improve overall well-being.   

“We also remain committed to creating healthy workplaces for our customers employees and have renewed our ongoing community partnership with Healthy Heads in Trucks and Sheds, as we proactively recognise and address mental health challenges within the logistics sector.” Further added Mr Otter.

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