NPARK renamed U City after acquisitions

Natural Park managing director Nakorn Laksanakarn said the company had completed the official agreement with BTS Group Holdings, and the company’s name had already been changed to U City. Trading under its new Securities and Exchange Commission notation of “U” would begin before the annual general meeting on April 28.

Under the agreement with BTSG, U City will acquire new assets including the luxury 390-room Eastin Grand Hotel Sathorn in Bangkok, about 6 rai (1 hectare) of land near Phaya Thai Road close to the Phaya Thai Skytrain station, and about 11 rai of land on Phaholyothin Road near the Mo Chit BTS station. Total asset value is estimated at Bt9.4 billion.

In return, Natural Park will issue 200,086,877,212 ordinary shares at Bt0.047 each (35.64 per cent of shareholding) and a warrant (NPARK-W2) totalling 100,043,438,606 units to BTS Group Holdings.

Natural Park’s executive management continues its role at U City and will remain committed to the real-estate business. The first development under the U City brand will be on Phaya Thai Road, close to the Skytrain station and the Airport Rail Link.

“The land plot on Phaya Thai Road has very high development potential due to its prime location and that it is connected to Phaya Thai BTS station and the Airport Rail Link,” Nakorn said.

“Our plan consists of developing office space for rent, a hotel and retail trade. The project will respond to the high demand for office space in the area and to the increase of business travellers and tourists after the start of the Asean Economic Community later this year.

“With a development value of almost Bt10 billion, it will soon be launched with construction scheduled to begin this year.”