Bangkok--20 Apr--MT Multimedia
Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust (SHREIT) announced its acknowledgement of the offer of LT Rubicon Limited for SHREIT’s assets which comprise of 3-5-star hotels in the ASEAN region, while appointing an independent financial advisor (IFA) to assess the fair value of the assets.
Mr. Christophe Forsinetti, Executive Director and Managing Director of Strategic Property Investors Co., Ltd. (SPI), an independent professional REIT management firm and the manager of SHREIT,revealed that the Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust (SHREIT) has acknowledged the 100-percent share purchase offer of Strategic Hospitality Holding Limited (SHH) and Strategic Hospitality Holding Limited 2 (SHH2), that are 100-percent wholly-owned by SHREIT, by LT Rubicon Limited which is the subsidiary of LT Land Limited at the offered price of US$118 million or approximately 3,795.82 million baht (referring to the exchange rate as of March 17, 2020 of 32.168 baht to US$1). This is calculated into the net value per unit of about 6-6.30 baht (depending on other factors such as outstanding debt balance, exchange rate, related expenses and cash remaining from operations as of the transaction date).
At present, SHH own three assets in the ASEAN region under the management of the investment trust. These are 5-star Pullman Jakarta Central Parkwith 317 rooms located in the westernJakarta, Indonesia; 4-star Capri by Fraserwith 175 rooms and 3-star IBIS Saigon Southwith 140 rooms in Ho Chi Minh City, Vietnam. The hotels are professionally managed by internationally recognized and respected hotel chains.
The investment trust will notify the unitholders of the trust as to the offer at the 2020 Annual General Meeting of the SHREIT unitholders on April 27, 2020 at 10.00 a.m. at the SPI head office at Spaces Room, M Floor, Empire Tower, South Sathorn Road, Sathorn District, Bangkok.
It is expected that the IFA report will be completed four weeks after the Annual General Meeting of the SHREIT unitholders, following which an extraordinary general meeting (EGM) will be called to seek approval from the shareholders, respectively.