Bangkok--27 Jul--SET
The Stock Exchange of Thailand (SET) will list Quality Houses Hotel and Residence Freehold and Leasehold Property Fund (QHHR), managed by Land and Houses Fund Management Co., Ltd, with a size of THB 3.36 billion (approx. USD 105 million) on its main board, under the ticker symbol "QHHR," on July 31.
QHHR, a closed-end specific property fund, invests in three hotel and serviced apartment projects of Land and Houses Group, which are Centre Point Hotel and Residence Petchburi, Centre Point Hotel and Residence Sukhumvit, and Centre Point Executive Serviced Apartment Langsuan.
"QHHR is the fourth property fund listing on the Thai bourse this year. It sold its initial public offering (IPO) at THB 10 each for 336 million investment units, with a total worth of THB 3.36 billion between July 5 and 13," said SET Executive Vice President Chanitr Charnchainarong.
Chantana Kanchanagama, Managing Director of Land and Houses Fund Management Co., Ltd, said: "Thanks to the projects’ prime locations in business centers and our expertise in property management under the ‘Centre Point’ brand and with more than 20 years’ experience in managing hotel and serviced apartments, we strongly believe QHHR will be an attractive investment alternative for investors.”
QHHR's dividend policy is to pay at least twice a year, at no less than 90 percent of net profit, excluding unrealized gains from auditing property reappraisals of leases during the related accounting period. The fund's top three shareholders after its IPO are Quality Houses group (33.33 percent), SCB Life Assurance pcl (8.93 percent), and One Property Plus fund (4.46 percent).
For more information, please see QHHR's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information on SET's website at www.set.or.th