Gold Ventures trust earns ‘A-‘ rating
TRIS Rating assigns the issuer rating for Golden Ventures Leasehold Real Estate Investment Trust (GVREIT) at “A-“.
The rating reflects the trust’s high quality assets located in prime areas of Bangkok, the reliable cash flows received from contract-based rental income, and the company’s conservative financial leverage policy.
The rating also takes into consideration future growth opportunities of the trust, supported by assets from its major sponsors. However, the rating is partially constrained by portfolio concentration on two assets and top-10 tenant concentration in terms of leasable area and revenue contribution.
GVREIT was established in March 2016. Golden Land Property Development PLC (GOLD) is the trust’s major unit holder. As of September 2017, GOLD held a 22.64-per cent stake in GVREIT.
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