The Stock Exchange of Thailand (SET) will list Hemaraj Leasehold Real Estate Investment Trust, investing in land, warehouses and factories of Hemaraj Group on November 28, under the ticker symbol “HREIT”
SET Senior Executive Vice President Santi Kiranand said that HREIT would list
and start trading in the SET’s Property & Construction industry, Property Fund &
REITs sector, worth THB 5.69 billion (approx. USD 162.67 million) on November 28.
During November 9-11 and 14, HREIT offered 569.36 million units to unit holders
of WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust
(WHART) at THB 10.00 per unit with a total value of THB 5.69 billion.
The leftover units were to be offered to Hemaraj and/or associates, benefactors,
institutional investors, and underwriter during November 15-18. HREIT is managed
by Hemaraj REIT Management Co., Ltd. Its trustee is SCB Asset Management Co.,
Ltd., having The Siam Commercial Bank pcl was its financial advisor and underwriter.
HREIT has invested in leasehold rights of land, warehouses and factories of Hemaraj group in six locations including 101 warehouse and factory units in Hemaraj Industrial Estate and Hemaraj Logistic Park in Chonburi and Rayong provinces, in the eastern Thailand, with total area of 261,314 square meters, having 85 percent occupancy.
The 30-year leasehold rights are extendable for a further 30-year period.
HREIT Chairman of Board of Directors Somyos Anantaprayoon said that HREIT invested in leasehold rights of land, high quality warehouses and factories for rent on prime locations in strategic logistics hub in the key industrial area of Thailand surrounded by automotive, electronic components and logistics businesses.
Managed by Hemaraj Land and Development pcl with expertise in managing forefront industrial estates with over 28 years of experience, HREIT could bring good returns to the trust unit holders.
HREIT’s dividend policy is to pay up to four times a year at no less than 90 percent of adjusted net profit of its financial year. HREIT’s three major unit holders after its IPO are Hemaraj Land And Development pcl (15.00 percent), The SouthEast Group (The SouthEast Life Insurance pcl and SouthEast Insurance pcl) (5.21 percent) and HSBC (Singapore) Nominees PTE Ltd. (2.80 percent).