Bangkok--22 Dec--SET
The Stock Exchange of Thailand (SET) will list MFC Industrial Real Estate Investment Trust worth THB 975 million (approximately USD 27.1 million) on its main board on December 23, under the ticker symbol "MIT," as the first REIT to invest in foreign assets.
SET Executive Vice President Santi Kiranand said that MIT would list and start trading on the Thai bourse's Property & Construction industry group, Property Fund & REITs sector, on December 23. MIT offered 97.5 million units via an initial public offering (IPO) at THB 10.00 per unit during November 17-December 8, 2015 with total value of THB 975 million. MIT was managed by MFC Asset Management pcl. Its trustee was One Asset Management Limited, while Asia Plus Advisory Co., Ltd. was its financial advisor.
MIT has invested in 100-percent common shares of APUK Co., Ltd., registered in Guernsey (part of the British Empire), owning the warehouse real estate operated as data center located in Anchorage Point industrial estate near London, England. Its total rental area was 1,342 square meters and has been solely leased to the tenant named BIS Co., Ltd. (BIS), a company specialized in information management, for 17 years and six months (untilFebruary 17, 2033).
MFC Managing Director Prapa Puranachote said that MIT had invested in the warehouse operated as data center, located in central London, a strategic location for industrial and retail trading and had a long-term lease contract with capable tenant. Considering the location and the rising demand for data centers and backup sites for business operation, MIT would be another choice that could provide good returns for the trust unit holders in the long run.
MIT's dividend policy is to allocate the returns from investment in APUK Co., Ltd. to pay at least once a year at no less than 90 percent of the adjusted net profit of its financial year. MIT's three major unit holders after its IPO are Country Group Development pcl. (20.84 percent), Country Group Holdings pcl (6.15 percent) and Padaeng Industry Private Fund by MFC Asset Management pcl (6.15 percent).
For more information, please see MIT's prospectus at the Securities and Exchange Commission's website atwww.sec.or.th , and www.mfcfund.com, as well as general information on SET's website at www.set.or.th .