Land & Houses, Thailand’s largest property developer, has revealed plans to establish a real estate investment trust (REIT) with a THB6.2 billion value.
The company will transfer some of its assets, including the Terminal 21 shopping mall, to the trust which will be set up by its 60 percent-owned unit L&H Property, according to Managing Director Adisorn Thananan-narapool who was speaking to reporters in Bangkok yesterday.
The subsidiary will hold 15 percent of the company’s shopping centres leasehold REIT, and the remaining 85 percent will be offered through the IPO to members of the public, he added.
Proceeds from the IPO will be used to finance expansion of its rental and apartment businesses.
The developer also plans to launch another REIT next year following on the success of Thailand’s first REIT launched by Bangkok Land three months ago.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.
