Goldman, Apollo Asia to Invest $235m in tallest Thai building

Goldman Sachs Group Inc. and Apollo Asia Sprint Holding Co. will invest 8.4 billion baht ($235 million) in a real estate development that includes Thailand’s tallest skyscraper.

The proposed investment — a $216 million equity injection and $18.8 million of financing — is expected to be completed within February 2017 subject to certain conditions, the building’s developer Pace Development Corp. said in a filing in Bangkok on Tuesday.

Goldman Sachs and Apollo Asia Sprint will be investing in two units of Pace and the proceeds will be used for the development and completion of the skyscraper — the MahaNakhon Tower — and an adjacent retail building. Some funds will be used to repay loans of the two subsidiaries.

MahaNakhon was opened last year and Pace says it’s the nation’s tallest building at 314 meters. The project includes luxury residences, a hotel, restaurants and retail stores. Goldman Sachs and Apollo Asia Sprint will own a combined 49 percent stake in each of the two Pace units.

Pace Development fell 5.5 percent as of 3:15 p.m. in Bangkok, after surging more than 8 percent in each of the last two trading days.

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Bloomberg

Singapore Reporter/s

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

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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.