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 .

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