Mr. Sarnthor Mudhasakul, Managing Director of Axtra Future City Property REIT Co., Ltd, the REIT manager of AXTRART, stated, "AXTRART is ready to list its units on the Stock Exchange of Thailand on December 12, 2024, following its successful conversion from Lotus's Retail Growth Freehold and Leasehold Property Fund (LPF). This strategic move aims to create sustainable growth opportunities and enhance long-term value for unitholders. Converting from a property fund to a REIT unlocks investment limitations, allowing for diversification into various property types, including international assets. It also allows the REIT to borrow up to 35% of its total asset value (or up to 60% with an investment-grade credit rating). Additionally, REITs are a globally recognized investment vehicle with strict regulatory oversight, enhancing credibility and attracting both domestic and international investors."
Following the conversion, AXTRART will rank among the top four on Thailand's Property Fund & REIT (PF&REIT) Index by market capitalization, with total asset value exceeding 32 billion baht. Its portfolio comprises of 23 Lotus's properties, offering over 340,000 square meters of prime retail space nationwide. AXTRART will distribute its dividends at least quarterly, paying out no less than 90% of its adjusted net profit. For more information, please visit www.axtrart.com.
Source: Ogilvy
