Thailand’s CGD plans REIT in Q1

Visual from CGD's website

SET-listed Country Group Development Plc (CGD) is planning to set up a real estate investment trust (REIT) in the first quarter of the current year, and plans to acquire domestic, as well as foreign assets from the the funds raised through it.

The planned REIT will acquire the Anchorage Point Data Centre in London for 1.3 billion baht ($40.63 million). The centre is reportedly worth 1.35 billion baht ($42.19 million) and its office space is wholly rented out.

CGD,which currently owns 100 per cent in the centre, will reduce stake to about 30 per cent after selling it to the REIT (which, expects to gain at least 7 per cent dividend yield on it).

Also read: Thailand’s Charn Issara plans $31.25m REIT for Sri Panwa

CGD chief executive Ben Taechaubol said the REIT’s fund will be used to acquire property assets in Thailand and overseas to help it generate income proportion of more than 50 per cent.

Meanwhile, Thanapol Sirithanachai, president of Golden Land Plc, disclosed that it will sell two office buildings, Sathorn Square and Park Venture, worth 10 billion baht to its REIT.

So far, it is on the process to submit the filing to the Securities and Exchange Commission and expects to finish the establishment in the second quarter.

Income from the sale will be used to repay debt and to help lower its debt-to-equity ratio from 1.3 to less than 1. The remaining will be kept as the company’s working capital.

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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.