October 10, 2016 / 4:26 AM / 10 months ago

Singapore's Frasers Centrepoint plans $379 mln investment in Thai firm

SINGAPORE, Oct 10 (Reuters) - Frasers Centrepoint Ltd said it signed a conditional agreement to invest S$520 million ($379 million) in Thailand's TICON Industrial Connection Public, in what could be the Singapore real estate firm's largest acquisition in over a year.

The deal will help Frasers Centrepoint extend its presence beyond the residential and commercial properties into Thailand's industrial asset class and also grow its overseas income, Frasers said in a statement on Monday.

TICON develops and owns factories and warehouses in Thailand.

Frasers, backed by Thai tycoon Charoen Sirivadhanabhakdi, plans to subscribe for up to 735 million new TICON shares in a private placement at 18 Thai baht per share for a total consideration of 13.23 billion Thai baht (S$520 million).

Following the deal completion, a Frasers Centrepoint subsidiary will own about 40 percent in TICON.

The potential investment, if completed, would mark Frasers' largest in over a year since its 363.4 million pound acquisition of the Malmaison Hotel du Vin group of boutique hotels in June 2015. (reut.rs/2dCMsZD) ($1 = 1.3735 Singapore dollars) (1 Singapore dollar = 25.3950 baht) (Reporting By Aradhana Aravindan; Editing by Vyas Mohan)

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