Frasers Hospitality Trust (SGX:ACV) and Frasers Hospitality Real Estate Investment Trust agreed to acquire Novotel Melbourne on Collins and associated car park located at 233-239 Collins Street from Lasalle Asia Opportunity Fund III LP, a fund of LaSalle Investment Management Inc. for approximately AUD 240 million on September 9, 2016. Frasers Hospitality Real Estate Investment Trust will acquire the property under the deal. The consideration comprises of AUD 231.2 million for the property and AUD 2.8 million for the hotel assets. Under the terms of transaction, the deal includes assumption of net current liabilities of AUD 3 million by Frasers Hospitality Trust and is completely financed through the net proceeds of an SGD 266.3 million (AUD 257.1 million) underwritten rights issue. The hotel will continue to be operated by AccorHotels Group under its Novotel brand. Craig Collins and Simon Rooney of JLL served as brokers for Lasalle Asia Opportunity Fund III LP, a fund of LaSalle Investment Management Inc. in the transaction. CBRE Valuations Pty Ltd acted as the independent property valuer in the deal. Graeme Dickson, Kerrie Duong, Michael Diston, Kellie-Ann McDade and Sam Appleton of Baker & McKenzie.Wong & Leow acted as the legal advisors for Frasers Hospitality Real Estate Investment Trust. King & Wood Mallesons acted as legal advisor for LaSalle Investment Management. SGD 0.06 million (AUD 0.06 million) of the proceeds have been utilised to pay for certain of the professional fees and expenses and other fees and expenses for the property acquisition and the hotel assets acquisition .The conversion for the amount of right issue is done through www.oanda.com as of September 9, 2016.