FY25 full year results

Frasers Property Limited (FPL) has announced its results for the full year ended 30 September 2025 (“FY25").  

Frasers Property Industrial reports profit before interest, fair value change, tax and exceptional items of S$414.1 million (A$490.2 million and EUR 284.5 million) for FY25, with assets under management of S$12.4 billion (A$14.5 billion and EUR 8.2 billion). 

Key performance highlights as at 30 September 2025:

• Frasers Property Industrial’s assets under management valued at S$12.4 billion (A$14.5 billion and EUR 8.2 billion).
• Frasers Property Industrial’s total assets under management comprises 186 completed properties across five countries, equating to 5.0 million sqm of net lettable area (NLA):
  • Australia: 
    • Non-REIT portfolio consisting of 55 completed assets with a total value of S$3.3 billion (A$3.9 billion and EUR 2.2 billion)
  • Europe: 
    • Non-REIT portfolio consisting of 18 completed assets with a total value of S$0.9 billion (A$1.1 billion and EUR 0.6 billion)

• Frasers Property Industrial’s multinational network and expertise support customers across geographies, with capabilities in development management, asset management and investment management. 
• Completed 11 development projects of approx 327,000 sqm across Australia and Europe including: 
  • VIC - 97,000 sqm at Rubix Connect, Dandenong South, including IVE Group, Penguin Random House, Fletcher and SJ Display.
  • NSW - 99,000 sqm at The YARDS, Kemps Creek, including Probiotec, TCC & PIP.
  • QLD - 16,000 sqm at Vantage Yatala, Stapylton.
  • GERMANY - 77,000 sqm at flagship project, The Tube, Dusseldorf.
  • NETHERLANDS - 36,000 sqm at The Anchor in Lelystad.

• Stable pipeline with 8 assets under development totalling 210,500 sqm planned for completion in FY26 (6 assets) and FY27 (2 assets), including:
  • Australia totalling 136,900 sqm, 3 assets in VIC and 3 assets in NSW.  
  • Germany totalling 73,500 sqm across 2 projects, FlexCity, Mulheim, and LINK, Günzburg.

• Strong leasing activity with renewals and new leases totalling 802,900 sqm, including approximately 451,200 sqm in Australia and 335,600 sqm in Europe.
• Australian portfolio is 100% occupied with a weighted average lease expiry (WALE) of 5.5 years, and 95.6% occupancy in Europe with 4.6 years WALE.
• Strategic landbank totalling 2.9 million sqm located in prime areas where supply is constrained. 
  • Added to the EU landbank with two acquisitions in Germany for a 142,300 sqm site in Euskirchen and 184,700 sqm site in Itzehoe.  

   

• In Australia, its first industrial capital partnerships with Morgan Stanley Real Estate Investing demonstrates strong investor trust in its capabilities and sets the company up for future growth. A total of 17 industrial and logistics assets (including one still being developed), valued at over S$1 billion, were injected into the partnership via two separate deals in April and October. 
• Frasers Property Industrial’s stable performance reflects the continued execution of its strategy to leverage a high-quality land bank and robust development pipeline to deliver sector-leading, sustainable industrial assets, while driving disciplined growth through strategic acquisitions and capital partnerships.

 

• Demonstrated commitment to sustainability outcomes.
  • Achieved leading GRESB results in Australia: ranked 1st in the Industrial: Distribution Warehouse: Non-Refrigerated Warehouse | Non-listed category on the Standing Investments benchmark and maintained a 5-star Development rating for the fifth consecutive year. In the EU, ranked 2nd in Germany for Industrial: Distribution Warehouse | Non-listed | Tenant Controlled in the Standing Investments benchmark, increasing its portfolio to a 4-star rating. 
  • The Tube project attained the first DGNB Gold status in Germany for resource-efficient demolition and sustainable construction practices and features the largest solar installation within the European industrial portfolio, a 6,039 MWh photovoltaic system comprising 14,600 solar panels. 
  • The Ede property in the Netherlands received an ‘Excellent’ rating under the BREEAM In-Use V6.0 certification.

• In Australia, the ARDEX facility at The YARDS, Kemps Creek, won the Award for Excellence in Industrial Development from UDIA NSW.

Market overview and CEO commentary: 

Reini Otter, Chief Executive Officer, Frasers Property Industrial, says our performance this year demonstrates the strength and resilience of our business across core markets in Australia and Europe. 

“Strong leasing momentum has maintained high occupancy and income stability, underscoring continued demand for premium facilities in markets where supply remains constrained. We remain committed to our strategy of leveraging a high-quality land bank and robust development pipeline to grow our portfolio of modern industrial assets.

“Earlier this year, we outlined our plan to establish long-term capital partnerships to unlock new opportunities across Frasers Property’s industrial portfolio while optimising capital efficiency. Morgan Stanley Real Estate Investing coming onboard as our capital partner for 17 assets in Australia demonstrates institutional confidence in our platform and attests to the strength of our build-to-core approach, and our capability in managing high-performing industrial assets. 

“A highlight for our European team was the completion and full leasing of The Tube in Germany. This project incorporates our Premium Estates concept which includes onsite amenity for the benefit of the customers. The Tube achieved several sustainability firsts, including the largest solar installation in our European portfolio and the first ever Gold certification from the German Sustainable Building Council (DGNB) for a CO2-reduced and transparent demolition of an industrial site. We are also targeting a Platinum certification from the DGNB for this build. 

“Looking ahead, our focus remains on disciplined growth in our core markets. By optimising our portfolio, expanding strategic partnerships, and delivering our development pipeline, we will continue to create long-term value for our partners, investors and customers.”

Read the full announcement from Frasers Property Limited here: FY25