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Frasers Centrepoint unit in JV deal to form Thai project company

Frasers Centrepoint Ltd.'s unit and TCC Assets (Thailand) Co. Ltd. agreed to form a joint venture company that will be involved in property leasing of a proposed mixed-use project in Thailand.

One Bangkok Holdings Co. Ltd. will have an aggregate capital of up to 35.8 billion Thai baht. Under the agreement, Frasers Property Holdings (Thailand) Co. Ltd. will own 19.9% of the company, while TCC will own the remaining 80.1%.

One Bangkok will also serve as the master developer of the project that will be funded through a combination of equity, shareholders' loans, bank loans and sale/lease proceeds.

The mixed-use development, which will stand on a 167,000-square-meter site, is expected to provide approximately 1.83 million square meters of total gross floor area intended for retail, offices, residences, hotels and serviced apartments.

As of March 31, US$1 was equivalent to 34.33 Thai baht.