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Thailand Property Funds Face Listing Hurdles

By on Sep 22, 2014 in Property News, Residential

Several type 1 property funds that sought listing approvals from the Securities and Exchange Commission (SEC) before the deadline at the end of last year may still not be able to go public this year.

Some property funds are in the process of being considered, which could take a long time in some cases as the SEC needs additional information or clarifications about the funds. This means some funds may not be approved for listing this year, said Thawatchai Pittayasophon, director of the SEC’s corporate affairs department. The SEC previously allowed only type 1 property funds that applied before the deadline to launch initial public offerings (IPO) as property funds, while those that applied to go public with the SEC this year must offer real estate investment trusts (REITs).

Five property funds with combined assets of 43.1 billion baht won SEC approval to sell to the public. These include the largest property fund IPO, the Thai Hotel Investment Property Fund, which raised over 20 billion baht. Two type 1 property funds to be managed by KTAM are pending SEC approval. They have a combined asset size of around 4 billion baht.

Chongrak Rattanapian, executive chairman of Kasikorn Asset Management (KAsset), said the company plans to launch two to three REITs and infrastructure funds over the next three to six months. KAsset is the trustee of IMPACT Growth REIT — the country’s first REIT — with an asset size of 20 billion baht. The REIT will acquire the freehold assets of Impact’s Muang Thong Thani project as its underlying assets.

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