Bangkok--1 Apr--SET
The Stock Exchange of Thailand (SET) will list Golden Ventures Leasehold Real Estate Investment Trust worth THB 8.15 billion (approximately USD 230.17 million) on its main board on April 4, under the ticker symbol "GVREIT."
SET Senior Executive Vice President Santi Kiranand said that GVREIT would list and start trading on the Thai bourse's Property & Construction industry group, Property Fund & REITs sector, on April 4. GVREIT offered 814.80 million units via an initial public offering (IPO) at THB 10 per unit during March 14-18, 2016 with total value of THB 8.15 billion. GVREIT was managed by Univentures REIT Management Co., Ltd, a subsidiary of Univentures pcl (UV). Its trustee was Kasikorn Asset Management Co., Ltd., while JayDee Partners Limited was its financial advisor. Kasikornbank pcl was its sole underwriter.
GVREIT has invested in 26-year leasehold rights of the Park Ventures Ecoplex building (excluding the Okura Prestige hotel), until end of September 2041 and sub-lease rights of land and Sathorn Square office building for 25 years (until end of October 2040) with the combined area of 99,500 square meters and more than 95 percent occupancy rate.
Managing Director of Univentures REIT Management, Urasate Navanugraha, said that GVREIT has invested in two potential investment buildings in prime locations in central business district, connecting the BTS skytrain with environmentally friendly design and construction. Certified by the Leadership in the Energy and Environmental Design (LEED) certification program of the U.S. Green Building Council, the Park Ventures Ecoplex was ranked at the platinum level, while the Sathorn Square office building was at gold level. With its growth potential supported by UV and Golden Land Property Development pcl (GOLD) and managed by North Sathorn Realty Co., Ltd., subsidiary of GOLD, as such GVREIT could provide good returns for the trust unit holders in the long run.
GVREIT's dividend policy is to pay no more than four times a year at no less than 90 percent of the adjusted net profit of its financial year. GVREIT's three major unit holders after its IPO are Golden Land Property Development pcl (GOLD) (25.10 percent), Thai Life Insurance pcl (8.28 percent) and Bangkok Life Assurance pcl (7.98 percent).
For more information, please see GVREIT's prospectus at the Securities and Exchange Commission's website atwww.sec.or.th, and www.gvreit.com, as well as general information on SET's website at www.set.or.th .