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

Ticon Industrial Connection PCL (TICON) has set up a joint venture company with Indonesian property developer PT Surya Semesta Internusa Tbk (SSI) and Japan’s Mitsui & Co to invest in factories and warehouses for lease business in Indonesia.

The newly-established firm, called PT SLP Surya TICON Internusa (SLP), has a registered capital of $46.4 million. For the shareholding structure, SSI holds 50 per cent stake while TICON and Mitsui holds 25 per cent each.

TICON’s managing director Virapan Pulges said that this was its first expansion into Indonesia with high potential partners especially SSI, which is a leading property developer and listed on the Indonesian Stock Exchange.

It will start developing the first project in Suryacipta Technopark, which is 60 kilometre far from Jakarta. However, he said that SLP would also invest in the operating project, so it can start to recognise the revenue once the deal was completed.

Also read: Thailand’s REIT deluge: 5 IPOs in next 6 months

In 2015, TICON has allocated the budget of 1.5 billion baht ($46.43 million) for the investment in Thailand, excluding the investment through its subsidiary TPARK.

It plans to expand the rental space for factories by adding 100,000 square metres this year as well as developing mini factories with the size of 500 square metres in a bid to serve the rising demand from foreign small and medium-sized enterprises.

He said that that the company would raise fund by selling its factories worth 4 billion baht ($123.83 million) to TICON Real Estate Investment Trust (TREIT) in the second or third quarter this year.

Currently, TICON Group operates 50 projects of factories and warehouses, for rent with total of 707 units, on 2.2 million square metres of land, worth around 35.53 billion baht ($1.1 billion). It also owns 2.5 million square metres of undeveloped land.

Last year TICON made total revenue of 5.86 billion baht ($181.42 million) and the net profit of 761 million baht ($23.56 million). It plans to invest 50 billion baht ($1.55 billion) over the next five years in Thailand and overseas focusing on the ASEAN region such as Indonesia, Myanmar and Vietnam.

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.

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.