Thai-listed Syntec unit buys Eight Thonglor Residences for $73m

Image from Eight Thonglor's website.

CSM Capital Partners, a subsidiary of Thailand’s listed Syntec Construction Pcl, is acquiring Eight Thonglor Residences’ asset for 2.55 billion baht ($72.86 million) from UOB Freehold Eight Thonglor Property Fund.

Synctec will raise the CSM Capital Partners’ registered capital from 1 million baht to 1 billion baht before the transaction.

“We will increase the capital in CSM Capital Partners once the UOB Freehold Eight Thonglor Property Fund approved the sale of assets today,” Syntec’s managing director Somchai Sirilertpanich said.

Also, it will seek a loan from the bank for the remaining 1.55 billion baht for the acquisition. As a result, the debt-to-equity ratio is expected to rise from 0.86 to 1.28 times.

He said that this acquisition follows the company’s strategic plan to expand its operations in real estate, that generates a rental yield.

“This investment will generate the recurring income and profit for us and even can be operated in conjunction with the planned expansion of our core construction business in the future,” the MD cited.

As a mix-use project located in the premium area, Eight Thonglor Residences comprises a suite of commercial retail space with total area of 7,834 square metres, currently used as a rental shop, as well as 92 rooms of a serviced apartment and two office suites with total area of 15,791 square metres.

Upon the completion of the capital increase, the shareholding structure will not change. Syntec will remain the major shareholder with a 60-per-cent stake, Mankongsangthong Holding holds 25 per cent, and Chanida Assadathorn and the Wannapraserth family shares 7.50 per cent equally.

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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).

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  • 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.