BANGKOK, Sept 20 Thailand Prime Property
Freehold and Leasehold Real Estate (TPRIME) plans to launch
later this year a real estate investment trust (REIT) that will
raise around 7.5 billion baht ($216 million), according to its
manager, SCCP REIT Co Ltd.
The TPRIME REIT aims to raise up to 5.47 billion baht from
investors and a further 2.15 billion baht from long-term loans,
SCCP said in a statement on Tuesday.
The trust, which will be listed on the Thai stock exchange,
is seeking approval from the Securities and Exchange Commission,
The REIT will invest in Mercury Tower and Exchange Tower,
office buildings located in Bangkok's business district.
Mercury Tower has an occupancy rate of 95-96 percent, while
it is 98-99 percent for Exchange Tower.
Kasikornbank is the sole underwriter, with its
unit Kasikorn Asset Management Co as trustee. Grant Thornton
Services Co is the financial advisor.
($1 = 34.7900 baht)
(Reporting by Khettiya Jittapong and Manunphattr Dhanananphorn;
Editing by Biju Dwarakanath)