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WHA to launch 1st Thai REIT under Hemaraj brand in November

WHA Corp. PCL plans to launch an 8.02 billion-Thai-baht industrial park REIT in November as the first investment trust under the Hemaraj brand, Reuters reported, citing a company statement.

Hemaraj Leasehold Real Estate Investment Trust will have properties in industrial estates of Hemaraj Land and Development Pcl. The REIT will issue 569.4 million trust units to WHA Premium Growth Real Estate Investment Trust's unit holders, with some of the proceeds to be used for debt repayment, according to WHA CEO Jareeporn Jarukornsakul.

The CEO reportedly said in a news conference that the company's Hemaraj unit will inject 2 billion baht worth of assets into the REIT per year in the future. The trust will focus on investment properties in Thailand's eastern coast, particularly in Chonburi and Rayong provinces. WHA expects Hemaraj Leasehold REIT to provide an investment return of up to 8% in its first year.

Siam Commercial Bank serves as the financial adviser and lead underwriter for the REIT plan, according to the Oct. 10 report.

The REIT launch will take place prior to Hemaraj Land's expected IPO by Dec. 31.

As of Oct. 10, US$1 was equivalent to 35.16 Thai baht.