TICON to convert property funds into new vehicle
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TICON Industrial Connection plans to convert three property funds, TFUND, TLOGIS and TGROWTH, into TREIT by fixing a swap ratio at rate of one investment units of funds to 0.9874, 1.0129, 0.8673 trust units of TREIT, accompanied by cash of Bt1.6977, Bt1.7415 and Bt1.4911 per unit respectively.
Unit holders in the funds and trusts will meet on October 18-19. The group said it is confident that the move will bolster unit holders' benefits from the conversion. If the merger succeeds, TREIT will further invest at least Bt3.5 billion in TICON assets, “which will drive a huge asset size to reach Bt35 billion, making TREIT become the largest industrial trust in Thailand”, chief executive officer Virapan Pulges said yesterday.
