Thai developer Bhiraj Buri to raise $183.8m via its first REIT

Image from pixabay

Thailand’s property developer Bhiraj Buri Group has submitted the filing to form Bhiraj Office Leasehold real estate investment trust (BOFFICE), aiming to raise 6 billion baht ($183.8 million) for its new developments in the centre of Bangkok.

It will sell the leasehold rights, which has about 26 years left, in the premium office building Bhiraj Tower at Emquartier and all connected areas, including parking space, common areas for the offices and spaces for connected utility services into the BOFFICE.

Atthakorn Netneramitdee, managing director of Bhiraj REIT Management, told local media that it would use the proceeds to invest in other mixed-use projects including Summer Lassale and a new project to be launched in the second half of 2018.

The new developments will be located in Bangkok’s central business district on Sukhumvit Road where demand for office and commercial space rental remains high.

Bhiraj Tower currently has total leased space of 49,700 square metres with the occupancy rate of 98.7 per cent, he added.

The rental price is between 850-1,200 baht per square metre and adjusted every three years according to the rental contracts.

Also read:

Indonesia: Agung Podomoro finalising asset sale to Thai-listed REIT

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.