Bangkok--14 Aug--SET
The Stock Exchange of Thailand (SET) will list Subsrithai Smart Storage Property Fund, managed by One Asset Management Limited, worth THB 820 million (approx. USD 25.6 million), on its main board on August 15, under the ticker "SSTSS".
Paveena Sriphothong, SET senior vice president, said that SSTSS would list and start trading on the Thai bourse's Property Fund & REITs sector on August 15. The property fund sold 82 million units via an initial public offering (IPO) at THB 10 per unit, with total value of THB 820 million, during July 22 - 31.
SSTSS invests in freehold rights of lands, property and buildings of five document warehouses, including infrastructure and working system of the Subsrithai Smart Storage project located in Samut Prakarn province, Bangkok’s suburb. The fund will be leased to Sub Sri Thai pcl, the previous asset’s owner, for ten years with a return of fixed rental costs throughout the leasing period.
One Asset Management CEO Win Udomrachtavanich said, “SSTSS’s strength is its strategic location near the south of Kanchanapisek ring road connected to many main road networks, logistically convenient for transportation in Bangkok and suburban areas. The location is in line with the growth potential of document warehouse service business which needs cost efficiency and safety. On top of this, the property is operated by Sub Sri Thai, having long-time expertise in document warehouse management. As such it is strongly believed that SSTSS will create returns to investors consistently and satisfactorily.”
SSTSS is a closed-end specific property fund with no maturity. Its dividend policy is to pay no less than once a year at 90 percent of adjusted net profit of its financial year. The fund's major unit holder after its IPO is Sub Sri Thai pcl (15 percent).
For more information, please see SSTSS's prospectus at the Securities and Exchange Commission's website at www.sec.or.th , One Asset Management Limited at www.oneasset.com, and general information on SET's website at www.set.or.th.