Bangkok--7 Nov--JWT Public Relations
Rangsit Plaza Company Limited will launch the Bt4.733 billion ‘Future Park Property Fund’ (FUTUREPF) through an initial public offering (IPO) during this coming 9-17 November. This fund, which will invest in some retail lease agreements in Future Park Rangsit Shopping complex, expects to receive warm welcome from investors foreseeing lucrative returns from the project.
Ms. Pimpaka Wanglee, Managing Director of Rangsit Plaza Company Limited, manager of Future Park Rangsit Shopping Complex, reveals that the company has founded Future Park Property Fund — FUTUREPF worth Bt4.733 billion with approval from the Securities and Exchange Commission (SEC) and expects to offer the units to individual investors through an initial public offering (IPO) during 9-17 November 2006. This fund has Bualuang Securities Public Company as the financial advisor and lead underwriter and ING Funds (Thailand) Company Limited as the fund manager.
Ms. Pimpaka says that the objectives of this fund is to raise capital to invest in partial retail spaces in Future Park Rangsit Shopping Complex to generate rental incomes and returns to the mutual fund and its unit holders. Rangsit Plaza Company Limited hopes to raise a total of Bt4.733 billion. Later, the company will spend Bt2.6 billion from that amount to pay back the company’s loan and will invest 33% of the total fund’s value or Bt1.6 billion in mutual funds, and will spend the rest of about Bt600 million to expand and finish the renovation project of the Shopping Complex retail spaces which has cost the company about Bt200 million during the past three years of the renovation process.
The company also plans to develop the ‘Future City’ project to make the Shopping Complex a hub of shopping, entertainment and residential recreations in the Northern Bangkok area.
“We are confident that with professional team of manager and staff, Future Park Rangsit Shopping Complex will grow even more significantly and that should benefit the fund at about 4.5% a year. We also have plans to cope with new shopping malls that might take place in the future as well,” says Ms. Pimpaka.
Future Park Rangsit is the only largest shopping complex with 2 department stores and a super center in one roof, including Central Department Store, Robinson Department Store and Big C Super Center. Also, the mall is composed of more than 800 retail shops, with plans to renovate parts of its interior to be a lifestyle shopping center with clearly divided shopping zones for customers’ convenience. For example, there will be Lifestyle Boutique Service Zone which will include eclectic services in one area such as banking and financial services with the current 16 outlets of commercial banks and financial institutions. In the Gourmet Park Zone, customers will enjoy various kinds of food from famous restaurants, and in IT Mobile Zone, people will be able to shop for mobile phones and related services at more reasonable prices. There will also be Fashion Zone and many other entertainment zones, including EGV Theatres, Fitness First Fitness Center, and renovated facilities. Its newly restored restrooms did not only meet with the 5-star hotel standard, but also received a ‘Best Restroom’ award from Pathumthani Province’s Department of Public Health. The company will also expand the front activity lawn to cover 15,000 square metre to meet with the increased demands of events from this year on. The company will also allocate the space in the park area to meet with new lifestyle of customers. For example, there will be an exercise lawn and a playground for children.
Mr. Maris Tarab, ING Funds (Thailand) Managing Director, says that the distinguished quality of this fund is that fact that it will invest in partial lease agreements of retail spaces in Future Park Rangsit which is the largest shopping mall in the North of Bangkok. It is also a Complete Lifestyle Shopping Complex that can answer to all needs of customers, with strong potentials to grow in the future.
“I believe that by investing in the partial lease agreements of the popular Future Park Rangsit, the fund should generate good rental incomes which will benefit its investors in forms of staple high returns, making this fund suitable for a long-term investment.”
It is expected that this fund should be able to generate about 9.0% returns during the first year investment, thanks to the average maturity of the invested lease agreements at 1-3 years. Also, the fund’s expenses have been considered reasonable by its financial advisor and property manager. Investors will receive returns in form of dividends at least 2 a year.
Future Park Property Fund will be launched through an initial public offering (IPO) during 9-17 November. Investors can invest at a minimum subscription of Bt50,000 with subsequent subscription at multiplication of Bt5,000. Interested investors can inquire for more information from Bualuang Securities Public Company at T: 0-2231-3777 ext: 2006 or from ING Funds Company Limited at T: 0-2688-7777.
For more information, please contact:
JWT (Thailand), JWT Public Relations
Khun Wongchan Tangtongsak T: 0-2204-8221 or 089-127-2089
Khun Punnut Sivapornpun T: 0-2204-8217 or 081-172-2342
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