Two acquisitions were recently announced by Thai property developer Nusasiri and Japan-based Asahi Kasei. The former acquired condo units in the heart of Bangkok and plans to resell it in the next quarter, and the latter acquired a membrane manufacturer and supplier as a part of its business expansion in Thailand.
Nusasiri acquires 200 condo units in Bangkok
Thai-listed property developer Nusasiri Plc plans to spend one billion baht ($30.86 million) on acquiring a 200 non-performing condo units at the State Tower Skyscraper from Bangkok Commercial Asset Management Co (BAM) this month.
Upon the completion of the acquisition, it will renovate and resell them at a target yield of 30 per cent, said chief executive Visanu Thepcharoen.
It plans to launch the sale in the second quarter and the unit price will be lower than 100,000 baht per square metre.
The State Tower Skyscraper is in a good location on Silom Road, and 300 metres far from Taksin skytrain station. The building was completed in 2001.
According to BAM website, there are many condo units at the 68-storey building offered for sale with size of around 68 square metre, priced from four million baht a unit or around 60,000-70,000 baht per square metre.
Asahi Kasei buys membrane supplier for $3.2b
Asahi Kasei Corp, a Japanese fibre and chemicals manufacturer, will acquire Polypore International Inc, a membranes supplier to car makers, for $3.2 billion in order to expand its battery business and boost its overseas capacity.
Currently, Asahi Kasei has production plants in Ayutthaya and Rayong provinces. It plans to invest 237.7 billion baht ($7.34 billion) over the next five years to expand its businesses in Thailand, South Korea, China and the United States.
Company’s president Toshio Asano said that it had no plans to issue new bonds or stocks for the deal. It will use the new bridge loans and cash reserves for the investment.