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Strategic Hospitality set to become Thai bourse's 1st foreign hospitality REIT

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Strategic Hospitality set to become Thai bourse's 1st foreign hospitality REIT

Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust is set to become the first listed REIT on the Stock Exchange of Thailand that invests in overseas hotel assets, Mondo Visione reported.

The company, which was worth 3.53 billion Thai baht as of Dec. 27, will list and commence trading on the Stock Exchange of Thailand in the Property & Construction industry group, Property Fund & REITs sector, on Dec. 27 under the ticker symbol "SHREIT".

Strategic Hospitality offered 352.8 million units at 10.00 baht apiece to underwriter's benefactors and general public between Dec. 13 and Dec. 15, and to business partners, trust managers, parties related to the trust manager, institutional investors and initial purchasers between Dec. 18 and Dec. 19.

Following the IPO, the company's three major unit holders are Macquarie Capital Securities (Singapore) Pte. Ltd., with a 41.27% stake; Agung Podomoro Land Tbk, with an 18.12% stake; and FWD Life Insurance PCL, with an 8.50% stake.

Strategic Hospitality will use the funds to fully acquire Strategic Hospitality Holding Ltd., which will indirectly invest in foreign holding companies to take full ownership in firms that own freehold and/or leasehold rights of three hotels containing a total of 632 rooms in service. The hotels include Pullman Jakarta Central Park in Indonesia, and Capri by Fraser and IBIS Saigon South in Vietnam.

Strategic Hospitality's manager is Strategic Property Investors Co. Ltd., its trustee is Krung Thai Asset Management pcl, while Siam Commercial Bank pcl is the underwriter.

As of Dec. 25, US$1 was equivalent to 32.74 Thai baht.