By The Nation
The company’s president Sopon Racharaksa said this marks the coming together of two leading real-estate developers, adding that FPT now possesses a full range of capabilities across multiple-asset classes, giving it an added competitive edge with a bigger network of customer touchpoints and greater flexibility to optimise the use of its land and properties.
“We look forward to achieving synergies between both companies to extend our horizon of long-term sustainable growth. With enhanced access to the enlarged talent pool and reputable partners, we are confident of turning FPT into Thailand’s leading provider of integrated real-estate platform,” he said.
In addition to this, FPT recently announced the first nine months of the 2019 fiscal year (October 1, 2018 to June 30, 2019) hit a new high since the injection of new capital by Frasers Property in 2016. The nine-month revenue of Bt4.707 billion exceeded its past record, rising Bt2.419 billion or 106 per cent from the same period of the previous fiscal year. Net profit also grew to Bt1.038 billion, an increase of Bt474 million or 84 per cent year on year. The occupancy rate of FPT’s factory and warehouse spaces currently stand at 81 per cent, he said.
Apart from this, FPT is the sponsor and manager of Thailand’s largest industrial real-estate investment trust (REIT), Frasers Property Thailand Industrial Freehold and Leasehold REIT (FTREIT), which is focused on industrial and logistics properties in Thailand. Currently, FTREIT has assets worth over Bt36 billion.
In July 2019, FPT raised Bt3.269 billion in a private placement, which boosted its investor base, improved its free float, and more importantly, strengthened its balance sheet flexibility for future expansion.