AWC Unveils THB 50bn REIT Plan for 2026 Listing

 

 

Asset World Corp plans to list a 50 billion baht freehold REIT on the Thai bourse within 2026, seeding it with five projects from its 61-strong portfolio.

 

Asset World Corp Public Company Limited (AWC), the Thai hospitality and commercial property group controlled by the Sirivadhanabhakdi family, is preparing to establish a real estate investment trust worth up to 50 billion baht ($US 1.5 billion), with a listing on the Stock Exchange of Thailand targeted within 2026.

 

The new vehicle, to be named Asset World Corp REIT (AWR), was announced on Thursday by Wallapa Traisorat, AWC’s chief executive and president and daughter of Charoen Sirivadhanabhakdi, the billionaire founder of the sprawling TCC Group conglomerate.

 

The REIT forms the centrepiece of what AWC calls its "Integrated Real Estate Platform" strategy, under which the group intends to operate as both developer and fund manager.

 

AWC will act as the "Development Engine", pursuing higher-growth new-build projects, while AWR is designed to hold stabilised, income-generating assets offering investors clear and consistent returns.

 

 

Freehold Focus: Five Initial Projects

AWR will prioritise freehold assets — properties held in perpetuity rather than under leasehold — which the company argues removes expiration risk and better preserves long-term value for both investors and surrounding communities.

 

The REIT will initially be seeded with around five premium projects drawn from AWC’s portfolio of 61 developments, which recently grew from 58 following board approval for three additional projects. AWC intends to add a further one to two assets to the trust each year, scaled to prevailing market conditions.

 

 

 

The company’s board approved the incorporation of a subsidiary, Asset World Corp REIT Company Limited, to act initially as the trust’s founder and subsequently as its manager.

 

The subsidiary will have an initial registered capital of 29.99 million baht, divided into 2,999,999 ordinary shares of 10 baht each, with AWC holding a 99.99997 per cent stake.

 

Registration is expected by the end of August 2026.

 

Assets initially earmarked for transfer to the trust are expected to be valued at up to 50 billion baht, equivalent to no more than 25 per cent of AWC’s total assets as reported in its second-quarter 2026 financial statements.

 

Board approval at this stage is "in principle" only, pending due diligence, asset valuations, structuring work, and regulatory clearance.

 

 

Unlocking Value

Executives framed the REIT as a mechanism to help the market recognise the fair value of AWC’s estate. The group’s asset base has expanded to more than 220 billion baht since its 2019 initial public offering, but Wallapa noted that the company’s market capitalisation had yet to fully reflect that growth.

 

AWC also pointed to Thai land values, which it said have historically appreciated by an average of 9 to 14 per cent a year, as a further source of upside for the platform.

 

The group stated that its low cost of capital (2.46 per cent), alongside a strong interest coverage ratio, would underpin the REIT’s long-term growth.

 

Wallapa acknowledged that Thailand’s REIT market has faced headwinds in the past, leaving some investors cautious.

 

 

 

However, she expressed confidence that a portfolio of sustainably managed, freehold, best-in-class assets — professionally operated under global hospitality and retail brands — would prove an attractive draw for both domestic and international capital.

 

Further details on the specific assets to be transferred are expected around September 2026, with the final listing timetable dependent on investor sentiment and market readiness. Financial advisers have been appointed to structure the offering.

 

 

Q2 results highlighted

The REIT announcement followed AWC's second-quarter 2026 results, published separately on Thursday. The group reported total revenue of 5,502 million baht, up 5.6 per cent year-on-year, with net profit of 1,468 million baht, up 4.6 per cent, and EBITDA of 2,850 million baht, up 4.6 per cent.

 

Hospitality revenue rose 5.7 per cent to 2,761 million baht, driven by a recovery in Bangkok hotels and record revenue-per-available-room in Pattaya, up 169 per cent, and Chiang Mai, up 31 per cent.

 

Commercial property revenue climbed 13.4 per cent to 2,517 million baht, with EBITDA up 13.2 per cent to 2,137 million baht, led by footfall at the Asiatique The Riverfront Destination. Chinese visitor numbers to AWC properties rose 32 per cent, and food and beverage revenue increased 7.3 per cent to 900 million baht.