SET welcomes Dusit Thani Freehold and Leasehold REIT

Stocks and Financial Services Press Releases Thursday December 14, 2017 16:43
Bangkok--14 Dec--SET

The Stock Exchange of Thailand (SET) will list Dusit Thani Freehold and Leasehold Real Estate Investment Trust, a real estate investment trust (REIT), investing in the freehold rights of Dusit Thani Laguna Phuket Hotel, Dusit D2 Chiang Mai Hotel and leasehold rights of Dusit Thani Hua Hin Hotel worth THB 4.03 billion (approx. USD 122.24 million), onDecember 15, under the ticker symbol "DREIT".

SET Senior Executive Vice President Santi Kiranand said that DREIT, the REIT converted from the property fund, would list and start trading on Property & Construction industry, Property Fund & REITs sector, on December 15, 2017.

DREIT offered 409.4 million units and THB 433.96 million in cash, via a swap in exchange of the assets and liabilities of the Dusit Thani Freehold and Leasehold Property Fund (DTCPF) at a ratio of 1 investment unit: 1 trust unit with cash in the amount of THB 1.06 per unit, to existing unit holders of DTCPF. Dusit Thani Properties REIT Co., Ltd., a subsidiary of Dusit Thani pcl is its REIT Manager, Krungthai Asset Management pcl is its trustee, while Maybank Kim Eng Securities (Thailand) pcl is its financial advisor.

Assets will be transferred from DTCPF to DREIT by investment in freehold and leasehold rights of three five-star hotels of Dusit Thani Group, with a combined 652 rooms and approximately 72 percent occupancy rate, consisting of the freehold rights of Dusit Thani Laguna Phuket Hotel and Dusit D2 Chiang Mai Hotel, as well as the leasehold rights of Dusit Thani Hua Hin Hotel (with lease term ending in 2040).

DREIT Chairman Chanin Donavanik said that DREIT has invested in the freehold and leasehold rights of the Dusit Thani Grouplocated in prime locations that are popular destinations among domestic and international tourists in Phuket, Chiangmai and Huahin provinces. All are well-equipped with full-range of facilities and well-managed by Dusit Thani group, the professionalmanagement team with almost 70 years of experience and highly accepted among domestic and international tourists, as such DREIT could provide good returns for the trust unit holders in the long run.

DREIT's dividend policy is to pay at least once a year at no less than 90 percent of the adjusted net profit of its financial year. DREIT's three major unit holders after its conversion are 1) Dusit Thani pcl (30.02 percent), 2) Social Security Office (25.42 percent) and 3) Muang Thai Life pcl (5.03 percent).

For more information, please see DREIT's prospectus at the Securities and Exchange Commission's website at www.sec.or.th, and the trust's general information at www.dtcreit.com , as well as www.set.or.th .

Latest Press Release

Fitch Upgrades Thailand#s IRPC to #A(tha)#; Outlook Stable

Fitch Ratings (Thailand) has upgraded IRPC Public Company Limited's National Long-Term Rating and senior unsecured rating to 'A(tha)' from 'A-(tha)'. The Outlook is Stable. Fitch has also upgraded IRPC's National Short-Term Rating to 'F1(tha)' from...

SET hosts exclusive forum for 31 embassies to showcase Thailand investment potential

The Stock Exchange of Thailand (SET) hosted "Embassies @ SET" Forum in Bangkok. The first-ever forum has gathered together 50 diplomatic professionals of 31 embassies in Thailand to gain insights into investment opportunities in the Thai capital market,...

KBank supports Revenue Department in pioneering e-Tax Invoice and e-Receipt service

KASIKORNBANK PCL (KBank) will be the trailbrazer in launching the e-Tax Invoice and e-Receipt service to allow business operators to submit these documents to the Revenue Department with swiftness while also reducing their tax management cost. Ms. Kitiya...

Thai Prime Minister Opens CLMVT Forum 2019 Calling for synergy to transform the region into the new value chain hub of Asia

Thailand's Prime Minister General Prayut Chan-o-cha today officially opened the CLMVT Forum 2019 on 24 June, 2019 at the Renaissance Bangkok Rachaprasong Hotel, and delivered a keynote speech highlighting the forum's theme of "CLMVT as the New Value...

Photo Release: EXIM Thailand Finances Asia Green Energys Investment in Lighter Fleet to Promote Thai Maritime Potential

Mrs. Warangkana Wonkhaluang, Senior Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Panom Kuansataporn, Chief Executive Officer of Asia Green Energy Plc., recently signed a loan agreement whereby EXIM Thailand provided...

Related Topics