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Ticon Industrial signs 3.6B baht deal to sell industrial properties

Ticon Industrial Connection PCL is selling 17 factories and 41 warehouses to Ticon Freehold and Leasehold Real Estate Investment Trust for 3.60 billion baht.

The aggregate price of the transaction accounts for 7.99% of Ticon Industrial's total assets as of March 31, with the purchased properties valued at approximately 2.16 billion baht as of June 11.

The 17 factories' usable space spans approximately 40,375 square meters, while the 41 warehouses provide about 111,506 square meters of usable area.

Ticon Freehold's existing lease on Ticon Industrial's properties will be converted into a freehold term, pursuant to the deal. The lease will cover leasehold land and 16 factories offering approximately 43,700 square meters of usable space, along with seven warehouses with 19,650 square meters of usable area.

The Thailand-based, industrial-focused real estate developer will use the proceeds from the sale, which was approved by its board June 11, to finance factory and/or warehouse projects, as well as to cover a portion of its debt burden.

As of June 11, US$1 was equivalent to 32.05 Thai baht.