Markets

SET begins listing of TREIT, the biggest industrial REIT in Thailand

TREIT assets consist of 192 units of warehouses and 300 units of factories in more than one million square meter area in the Eastern Economic Corridor

Published

3 years ago

December 29, 2017

Olivier Languepin

The Stock Exchange of Thailand (SET) will list additional trust units of TICON Freehold and Leasehold Real Estate Investment Trust (TREIT) after finishing the conversion process of three property funds, becoming the biggest industrial real estate investment trust (REIT) in Thailand, on December 28, under the ticker symbol “TREIT”.

TREIT has successfully received the transfer of assets and liabilities from three property funds, namely Ticon Property Fund (TFUND), Ticon Industrial Growth Leasehold Property
Fund (TGROWTH) and Tpark Logistics Property Fund (TLOGIS).

SET Senior Executive Vice President Santi Kiranand said that the additional units of TREIT would list and start trading on Property & Construction industry, Property Fund & REITs sector, on December 28, 2017.

Welcomes the additional trust units of TICON Freehold and Leasehold Real Estate Investment Trust (TREIT) after finishing the conversion process of three property funds, the biggest industrial REIT in Thailand, for listing on SET today. pic.twitter.com/wwTnx5mdC7

— SET Thailand (@SET_Thailand) December 28, 2017

The conversion drives its total combined asset to THB 30.65 billion (approx. USD 928.8 million) as of September 30, 2017.

TREIT has invested in freehold rights and leasehold rights of lands, warehouses and factories with the remaining of lease contract rights of 26 years and the tenants are Thai companies and multinational firms.

TREIT assets consist of 192 units of warehouses and 300 units of factories in more than one million square meter area in the Eastern Economic Corridor.

TREIT offered 2.04 billion trust units with cash of THB 3.5 billion to existing shareholders of TFUND, TGROWTH and TLOGIS, via a swap in exchange of the assets and liabilities.

The swap ratio for TFUND : TREIT is at 1 : 0.9874 plus cash of THB 1.6977 per unit; TGROWTH : TREIT at 1 : 0.8673 plus cash of THB 1.4911 per unit; and TLOGIS : TREIT at 1 : 1.0129 plus cash of THB 1.7415 per unit.

TICON Management Co., Ltd. (TMAN) is it’s the REIT Manager, BBL Asset Management Co., Ltd is its trustee, while Phatra Securities pcl is its financial advisor.

TMAN Managing Director Peerapat Srisukont said that TREIT has invested in the freehold and leasehold rights of high quality properties located in various locations, plus benefits from balanced mixture of freehold and leasehold investments which will subsequently yield higher return.

The properties are also leased by quality, stable and diversified tenant base. In addition, TREIT is managed by TMAN’s experienced and professional management team with extensive expertise in property development and management.

The conversion will enhance future opportunities to gain more benefits from asset diversification, providing opportunity for future investment which will eventually yield higher returns for unit holders.

TREIT’s dividend policy is to pay at least twice a year at no less than 90
percent of the adjusted net profit of its financial year.

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