Singha Estate sets up REIT for Suntowers
Listed property firm Singha Estate Group has announced plans to launch S Prime Growth Leasehold Real Estate Investment Trust or SPRIME as a Real Estate Investment Trust (REIT) with an initial investment in 30-year leasehold rights in Suntowers office complex on Vibhavadi-Rangsit close to Bangkok’s future transport hub.
Chief executive Naris Cheyklin said that SPRIME’s initial assets will include 30-year leasehold rights on part of the land on which Suntowers office complex is situated and in conference, fitness, mechanical and electrical facilities, common areas and parking areas within the complex, as well as freehold interests in movables for the management of the complex, which will be acquired from Max Future, a Singha Estate subsidiary.
As of August 31, the complex’s occupancy ratio stood at 95.1 per cent.
The company's financial advisor Ekkapob Makeguljai of Krungthai Bank said that a filing and a draft prospectus have been submitted for review to the Securities Exchange Commission (SEC) and the initial offering process is pending SEC approval.
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