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

Supalai considers bid for Australian embassy site in Bangkok
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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.

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