Thai developer Bhiraj Buri Group has formed a real estate investment trust named Bhiraj Office Leasehold REIT to raise 6 billion baht for mixed-use projects on Bangkok's Sukhumvit Road, the Bangkok Post reported, citing a filing with the SEC.
Proceeds raised from the REIT will be funneled toward mixed-use projects in Bangkok's central business district, such as the Summer Lassale project and another project to be launched in the second half of 2018, according to the Nov. 24 report. The investment, worth as much as 6.6 billion baht, will be funded through the issuance of REIT shares worth up to roughly 5.15 billion baht, as well as up to 1.75 billion baht in long-term loans.
For a term of 26 years and nine months, the new REIT will invest in leasehold spaces in Bhiraj Buri's Bangkok office asset, Bhiraj Tower at Emquartier, and all connected areas, the publication added.
As of Nov. 24, US$1 was equivalent to 32.66 Thai baht.
