Since Mar 31 this year, the economies that FPL has a presence in - mainly Australia, Singapore and Southeast Asia have started reopening to a post-Covid world. Europe - where FPL has mainly a logistics and industrial presence - has already opened after Covid.
Last year, FPL had a rights issue which concluded in April 2021. The monies have been invested in largely in industrial and logistics assets. As at April 19 April this year, the group has utilised more than $500 million out of the allocated $700 million.
FPL has 15 development pipeline projects across Australia and Europe with a total gross development value of $1.2 billion to be delivered over the next 18 months. The property group has also been growing its pipeline of industrial and logistics development projects in Thailand and Vietnam, and recently completed the acquisition of the second tranche of land at the Group’s first industrial development project in Vietnam - Binh Duong Industrial Park.
The first premium estates project will be delivered in Australia from FY2023. In anticipation of growing customer demand for flexible workspaces, the group has also introduced core and flex commercial space solutions as part of its focus on real estate as a service. To be completed by end FY2022, Silom Edge is a mixed-use 21,000 sq m net lettable area commercial development that is designed from the onset to offer core and flex commercial space. FPL’s first commercial development in central London, The Rowe, will also be completed within FY2022.
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Over 80% of FPL’s property assets are in recurring-income based asset classes. In 1HFY2022, the group achieved approximately 724,000 square metres of renewals and new leases in total across its investment properties portfolio.
