Thailand’s Impact REIT to acquire four assets this year

The Impact Growth Real Estate Investment Trust (REIT) has announced that it would be acquiring four new assets for the trust, during the fourth quarter of the current fiscal.

The assets include, Novotel Bangkok Impact Hotel, an indoor parking, Geneva Industry Condominium and Beehive Lifestyle Mall.

Paul Kanjanapas, managing director of IMPACT Exhibition Management Co, the company that manages the REIT, said it is yet to evaluate the assets’ value.

The combined cost of construction for all the four assets is around 2.2 billion baht ($68.75 million), excluding the land price.

According to the MD, the proceeds from the current REIT – around 4 billion baht ($125 million) – will be used to fund the further construction of realty projects, which include: a 620-room Ibis Hotel worth 1 billion baht, a parking lot for 4,000 vehicles worth 800 million baht, a shopping centre worth 2 billion baht and 20 restaurants and pub worth a combined 100 million baht.

A part of the proceeds will be used to renovate Impact’s exhibition halls.

Novotel Bangkok Impact Hotel, which has an occupancy rate of 61 per cent, is expected to contribute a revenue of 200 million baht a year. Meanwhile, the BeeHive Lifestyle Mall in Muang Thong Thani in Nonthaburi’s Pak Kret district has a 95 per cent occupancy rate with a rental rate of 800 baht per square metre and an option for a rental fee increase of 15 per cent every three years.

Impact also plans to install a monorail system to connect the area to the Pink Line electric train with an estimated investment of 600 million baht.

He said that the it is targeting a revenue of 2.17 billion baht this fiscal year (April 1- March 31), up 11 per cent from the previous year, mostly due to a surge in rental fees and higher occupancy rates for exhibition spaces.

It will increase the rental rate from 66 baht per square metre to 72 baht, and the occupancy rate is expected to be about 60 per cent, he said.

Related stories:

‘IMPACT Growth REIT’ launches the first trading on SET

 

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.