Thailand: TICON plans to convert three property funds into REITs

Image of Virapan Pulges, Managing Director of TICON.

Thailand’s Ticon Industrial Connection Plc (TICON) plans to convert three of its property funds into the country’s largest real estate investment trust (REIT) with total combined asset of 32 billion baht ($964 million).

The three property funds are Ticon Property Fund, Ticon Park Logistics Fund and Ticon Industrial Growth Fund. The merger comes amidst  the Securities and Exchange Commission regulation that disallows property funds from raising further capital in a move seen to promote REITS.

TICON will hold a meeting of unit holders voting on October 18-19 for voting on the proposal. If the plan secures approvals, TICON will appoint BBL Asset Management as the trustee for the TREIT (TICON REIT) and complete the conversion this year.

“If the merger is successful, TREIT will further acquire additional assets particularly ready-made factories and warehouses worth at least 3.5 billion baht, which will drive its asset size to over 35 billion baht,” said chief executive officer Virapan Pulges.

The three property funds have a combined rental space of 1.5 million square m, covering 22 locations in seven provinces in Thailand. It has made a joint venture with Indonesia’s PT Surya Semesta Internusa Tbk and Japan’s Mitsui & Co for building factories and warehouses with 100,000 square m earmarked in Indonesia.

Also read:

SGX-listed Frasers Centerpoint buys 40% stake in Thai developer TICON for $378m

Thailand: Ticon Industrial Connection to sell additional assets worth $42.6m to TREIT

Thailand: TICON to invest $926m in Asean in next five years

TICON forms JV with Indonesia’s property developer & Japan’s Mitsui

 

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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.