Bangkok--3 Nov--BrandComm Consultants
TICON Industrial Connection Public Company Limited (TICON) announces that the company has agreed to sell 30% of its stake in TICON Management Company Limited (TMAN) to Mitsui & Co. (Asia Pacific) Pte. Ltd. (MAP) which is wholly owned by Mitsui & Co., Ltd. (Mitsui). MAP also plans to invest in the newly formed REIT, TICON Real Estate Investment Trust (TREIT), which is currently under filing with the SEC.
Virapan Pulges, Managing Director of TICON said “TICON is very excited to welcome Mitsui as its long-term strategic partner, which leads to the enhancement of TMAN’s business by utilizing the Japanese network. The partnership with Mitsui who is a leader in REIT Management business, especially in industrial and logistic REITs in Japan and Singapore, will be the beginning of the more co-operation between the two companies in the future. We are certain that this alliance will enable TMAN to expand its network and help strengthening TMAN’s competitiveness in the global arena. The strategic partnership will enhance TREIT to expand its investment opportunities in many industrial and logistics properties in both Thailand and foreign countries, especially in the high demanding ASEAN region after opening up of the borders through AEC.”
“We’re excited to start new collaboration with TICON in the REIT business in Thailand,” said Kiyoshi OKUBO, General Manager of Financial & New Business Dept. of Innovation and Corporate Development Div. of MAP. “We would like to contribute in developing TMAN’s and TREIT’s potential growth utilizing Mitsui’s long experience of logistics and REIT operations. In addition, we expect to further extend business collaboration with TICON based on Mitsui’s Global business network and TICON’s excellent knowledge and experience in industrial and logistics properties development, and build long term relationship with TICON.”
Mitsui is one of the world's most diversified comprehensive trading, investment, and service companies and is multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Services, Innovation & Corporate Development Businesses.
TMAN was founded in 2013 with its main business focus as a REIT management company. TMAN, a subsidiary of TICON which is Thailand’s leading provider of serviced rental factories and warehouses, was approved to be REIT Manager by Thai SEC on 6 August 2014, which made TMAN first Industrial REIT management company in Thailand.
The company has submitted filing application to the SEC to set up an industrial REIT, namely TICON Real Estate Investment Trust (TREIT), which will acquire TICON Group’s assets of 45 quality industrial properties, 25 Warehouses and 20 Factories, for its initial investment with a total size of around 4-5 billion Baht. IPO of TREIT under TMAN management is expected to be in November this year.