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Ticon debuts largest Thai industrial REIT

The additional trust units of Ticon Industrial Connection Pcl's TICON Freehold and Leasehold Real Estate Investment Trust debuted on The Stock Exchange of Thailand Dec. 28, after completion of the conversion process of its three property funds.

Ticon Property Fund, Ticon Industrial Growth Leasehold Property Fund and Tpark Logistics Property Fund transferred their combined assets, worth 30.65 billion Thai baht in total as at Sept. 30, to the company being dubbed as Thailand's biggest industrial REIT, according to a release by the bourse.

The trust paid 3.5 billion baht in cash alongside 2.04 billion trust units to existing shareholders of the funds for the transfer of their assets and liabilities. For each unit of Ticon Property, Ticon Industrial Growth and Tpark, TICON respectively offered 0.9874 trust unit plus 1.6977 baht per unit, 0.8673 unit plus cash of 1.4911 baht per unit, and 1.0129 units plus 1.7415 baht in cash per unit.

TICON made investments in freehold rights and leasehold rights of lands, warehouses and factories. The properties are occupied by local and multinational companies with remaining lease contract rights of 26 years. The trust's portfolio comprises 192 warehouse units and 300 factory units across more than one million square meters in the Eastern Economic Corridor.

The trust units commenced trading on the exchange's Property & Construction industry, Property Fund & REITs sector.

TICON Management Co. Ltd. will serve as the REIT's manager, BBL Asset Management Co. Ltd. as its trustee and Phatra Securities pcl as its financial adviser.

As of Dec. 28, US$1 was equivalent to 32.61 Thai baht.