Bangkok--22 Jan--SET
The Stock Exchange of Thailand (SET) will list Bhiraj Office Leasehold Real Estate Investment Trust (BOFFICE) worth THB 6.61 billion (approx. USD 200 million) on January 23, 2018, under the ticker symbol " BOFFICE".
SET Senior Executive Vice President Santi Kiranand said that BOFFICE would list and start trading on Property & Construction industry, Property Fund & REITs sector.
BOFFICE will invest in the leasehold rights of Bhiraj Tower at EmQuartier, a leading office building located in the heart of Sukhumvit road, in a prime location of Bangkok, for 27 years. Its leasehold space comprises office for rent, parking spaces and common areas for the offices, with an occupancy rate of 99 percent as of September 30, 2017, and the tenants are both Thai and multinational firms with diverse businesses.
BOFFICE offered 515.31 million units at THB 10.00 each, for a total of THB 5.15 billion, to investors during January 8 to 11, 2018. Bhiraj REIT Management Co., Ltd., a subsidiary of Bhiraj Buri Co., Ltd., is its REIT Manager, Kasikorn Asset Management Co., Ltd. is its trustee, and Kasikornbank pcl and Tisco Securities Co., Ltd. are co-financial advisors and lead underwriters. BOFFICE has utilized the fund raised from the REIT units' sales plus THB 1.72 billion long-term loans to invest in the leasehold rights of Bhiraj Tower.
Managing Director of Bhiraj REIT Management Co., Ltd. Atthakorn Netneramitdee said that BOFFICE has initially invested in the leasehold rights of the grade-A office tower, located in upper Sukhumvit area – a central business & popular residential district – with direct walkway to Phrom Phong BTS skytrain station. Bhiraj Buri Group, an experienced real estate developer and manager, manages the office tower with high demand from both Thai and foreign tenants. BOFFICE has projected cash distribution to unit holders at 7.10%. This would be an attractive alternative to add investment value to investors and yield them good return in the long run.
BOFFICE's dividend policy is to pay up to four times a year at no less than 90 percent of the adjusted net profit of its financial year. BOFFICE's three major unit holders after its IPO are Bhiraj Buri Co., Ltd. (19.99 percent), Buri Family (8.12 percent), Social Security Office (4.85 percent), and Thai Life Insurance pcl (4.85 percent).
For more information, please see BOFFICE's prospectus at the Securities and Exchange Commission's website at www.sec.or.th ; and for general information, please visit www.bofficereit.com , as well as www.set.or.th.