Frasers Logistics & Commercial Trust Unitholders Clear All AGM Resolutions

Frasers Logistics & Commercial Trust (BUOU) reported that all resolutions tabled at its Annual General Meeting on Jan, 26 2026 were duly approved by unitholders.

The meeting adopted the FY2025 audited financial statements, Trustee’s report and Manager’s statement with 99.97% of votes cast in favour. KPMG LLP was re-appointed as external auditor until the next AGM, backed by 98.77% of the votes.

Unitholders also granted the Manager authority to issue new units and/or convertible instruments of up to 50% of issued units (20% on a non-pro-rata basis), with 95.30% approval. A renewal of the 5.0% unit buy-back mandate secured 99.93% support.

An extraordinary resolution—requiring a 75% majority—to amend the trust deed on (i) the timing of the Manager’s election to receive management fees in cash and/or units and (ii) the pricing formula for units issued as fees, passed with 99.64% of votes.

During the question-and-answer session, management attributed the decline in distribution per unit and net asset value to higher financing costs and Australian-dollar weakness. Chief Executive Officer Anthea Lee said the trust aims to rebalance its portfolio to roughly 85% logistics and industrial assets and 15% commercial properties, up from the current 75%/25% mix, using available debt headroom for acquisitions and selective divestments.

Management added that 83% of the space vacated by an anchor tenant at Alexandra Technopark has been backfilled, bringing the building’s committed occupancy to 78%. Land-tax increases in Victoria and Queensland have been fully reflected in FY2025 results, while future impact will depend on government assessments.

Unitholders queried the structure of management fees. The Manager noted its base fee of 0.4% of deposited property value is below the 0.5% level common among Singapore REIT peers, and that its performance fee remains tied to distributable income.

Frasers Logistics & Commercial Trust closed the meeting by reaffirming its focus on acquisitions in Singapore and developed markets to enhance portfolio resilience.