Thailand’s SHREIT to invest $177m in two hotels in ASEAN

Residential Kuala Lumpur at sunrise. Photo: Pixabay

Thailand’s Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust (SHREIT) is looking to invest a total sum of 5.8 billion baht ($177 million) in two hotel properties in ASEAN.

The deals will raise its assets under management to 10 billion baht, making it the country’s largest hotel REIT so far.

According to its statement on Thursday, SHREIT is seeking to invest in a leasehold interest in Sofitel Bali Nusa Dua Beach Resort and a freehold interest in Hilton Garden Inn Kuala Lumpur.

SHREIT will finance the investments by issuing up to 415 million shares for subscription by the existing unit-holders (at least 50 per cent) and by the public as well as securing loans of $62.5 million.

James Lim, executive director of Strategic Property Investors Co Ltd (SPI), an independent professional real estate investment trust (REIT) management firm, said the two target properties have great potential as Bali is an international tourist destination for which Indonesia grants free visas to tourists from 169 countries.

It posted growth in the number of tourists for the past 10 years at an annualised rate of 14.6 per cent, with the number of tourists reaching 5.5 million in 2017 and expected to touch 6.5 million this year.

Meanwhile, he added Kuala Lumpur records constant growth in tourism with annualized rate at 4.8 per cent for international tourists and 12.3 per cent for domestic tourists for the past 10 years.

Also read:

Thailand: Strategic Property Investors to raise up to $115m via REIT

 

 

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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.