Bangkok--25 Dec--SET
The Stock Exchange of Thailand (SET) will list LH Shopping Centers Leasehold Real Estate Investment Trust (LHSC) worth THB 4.97 billion (approx. USD 150.6 million) on its main board on December 26, under the ticker symbol “LHSC”, as the first retail REIT invested in a shopping center, responding to the continuous growth of retail and tourism industries.
SET Executive Vice President Chanitr Charnchainarong said that LHSC would list and start trading on the Thai bourse’s Property Fund & REITs sector, Property & Construction industry on December 26. LHSC offered 488.06 million units via an initial public offering (IPO) at THB 10.20 per unit during December 11-19, with total value of THB 4.97 billion. LHSC is managed by Land and Houses Fund Management Co., Ltd. Its trustee is SCB Asset Management Co., Ltd., while Siam Commercial Bank pcl is its financial advisor and underwriter.
LHSC has invested in the leasehold rights in the immovable properties and the ownership in the movable properties in Terminal 21 Shopping Center from L&H Property Company Limited a subsidiary of Land and Houses pcl (LH), for 26 years (until end of August 2040).,Terminal 21 having the total rental space of 34,058 sq. meters. The main tenants are restaurants, fashion boutiques, cinema and supermarket to serve Thai customers and tourists.
Land and Houses Fund Management Chief Investment Officer Piangdao Wattanayakorn said LHSC would invest in Terminal 21 Leasehold. The shopping center was located on Asoke-Sukhumvit intersection, a prime location in Bangkok. It links between BTS skytrain and MRT subway stations. The design concept was inspired by famous architectural work from cities around the world. The rental space was currently approximately 98 percent occupied. Managed by L&H Retail Management Co., Ltd., a subsidiary of Land and Houses pcl and specialized in property management, LHSC could expect rental revenue growth and provide good returns for the trust unit holders in the long run.
LHSC’s dividend policy is to pay up twice a year at no less than 90 percent of adjusted net profit of its financial year. LHSC’s three major unit holders after its IPO are Land and Houses pcl (9 percent), GIC Private Limited (6 percent) and Social Security Office (5.19 percent)
For more information, please see LHSC’s prospectus at the Securities and Exchange Commission's website at www.sec.or.th , and www.lhsc-reit.com , as well as general information on SET's website at www.set.or.th .
For more information, please contact S-E-T Call Center +66 (0) 2229 2222.
Members of the media should contact the Public Relations Unit, Corporate Communications Dept.:
Arada Kultawanich, tel: +66 (0) 2229 2796/ Kanokwan Khemmalai, tel: +66 (0) 2229 2048.