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CPN Retail Growth gains REIT status, closes 11.91B baht investment

CPN Retail Growth Leasehold Property Fund has completed its conversion into CPN Retail Growth Leasehold REIT Dec. 1.

The real estate investment trust has also closed the approximately 11.91 billion baht purchase of the lease of certain parts of CentralFestival Pattaya Beach shopping mall and Hilton Pattaya from Central Pattana PCL, the fund's manager said in a release.

The fund's dissolution took effect Dec. 4, which will be followed by a liquidation process, according to the release. On Dec. 14, the fund's units will be delisted from the Stock Exchange of Thailand, while the trust's units are to begin trading on the bourse on the same day.

As of Dec. 1, US$1 was equivalent to 32.65 Thai baht.