FY26 half year results

Frasers Property Limited (FPL) has announced its results for the first half-year ended 31 March 2026 (1H FY26).

Consistent demand drives strong leasing performance and a significant development pipeline across Europe and Australia, reinforcing Frasers Property Industrial's position as a leading industrial and logistics business in both markets.

Frasers Property Industrial reports profit before interest, fair value change, tax and exceptional items of S$230.2 million (EUR153.4 million, A$264.0 million) for 1H FY26, with assets under management of S$12.7 billion (EUR 8.5 billion, A$14.3 billion). 

Key performance highlights:

• Frasers Property Industrial’s assets under management (AUM) are valued at S$12.7 billion (EUR 8.5 billion, A$14.3 billion), comprising 188 completed properties across five countries, equating to 5.0 million sqm of net lettable area (NLA).
• Progress continues across the development pipeline, with 11 assets under development totalling ~292,100 sqm. 
• A landbank of 2.7 million sqm in prime locations continues to support long-term value creation across core markets. 

Australia

• In Australia, the portfolio comprises a non-REIT portfolio of 55 completed assets, with a total value of S$3.4 billion (EUR 2.3 billion, A$3.8 billion).
• The development pipeline continues to progress with approximately ~195,800 sqm under development, alongside strong leasing activity of ~177,900 sqm of new leases and renewals across the period.
• Awarded Australia’s first National Australian Built Environment Rating System (NABERS) Embodied Carbon rating at the Probiotec Multipack facility at The YARDS, NSW. This building is owned by Aware Real Estate and Frasers Property Industrial. This certification is a significant step forward in measuring embodied carbon across the industrial property sector. 
• Frasers Property Industrial was recognised by the Australian Government’s Workplace Gender Equality Agency (WGEA) as an Employer Committed to Gender Equality, reflecting its focus on advancing gender equity. 

Europe 

• In Europe, the portfolio comprises a non-REIT portfolio of 20 completed assets, with a total value of S$0.9 billion (EUR 0.6 billion, A$1 billion). 
• Development activity remained active during the period, with one project completed at FlexCity in Germany (~23,800 sqm), supporting the ongoing pipeline and long-term growth strategy.
• The region’s development pipeline includes approximately ~96,300 sqm under development, supported by strong leasing momentum of ~213,800 sqm of new leases and renewals.
• The Anchor in Lelystad, the Netherlands, has achieved a BREEAM-NL New Construction ‘Excellent’ rating, recognising its strong sustainability performance.

Market overview and CEO commentary:

Reini Otter, Chief Executive Officer, Frasers Property Industrial said, performance this period reflects continued momentum across the business, supported by resilient demand in core markets across Australia and Europe.

“Strong leasing activity has maintained high occupancy and income stability, reflecting ongoing demand for premium, well-located industrial facilities in supply-constrained markets. We remain focused on leveraging our high-quality landbank and disciplined development pipeline to grow our portfolio of modern, sustainable industrial assets. 

Our capital partnerships strategy continues to progress, with our partnership with Morgan Stanley Real Estate Investing marking an important step in expanding this capability. 

A key highlight across the portfolio has been our continued focus on sustainability and innovation. We now have more than 52 MW of solar installed and achieved Australia’s first NABERS Embodied Carbon rating for an industrial building at the Probiotec Multipack facility at The YARDS, reinforcing our commitment to delivering future-ready, high-performing assets for our customers. 

Our strategy remains customer led. Long-term relationships with global and domestic customers continue to reflect the trust placed in Frasers Property Industrial as a partner of choice, combining global capability with strong local expertise.

While macroeconomic conditions remain uncertain across our core markets, our focus on disciplined growth, portfolio optimisation and strong capital partnerships positions us well to navigate this environment. By continuing to deliver our development pipeline, we remain confident in our ability to create long-term value for our partners and customers.”

Read the full announcement from Frasers Property Limited.