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Thailand Property – Land and Houses Cuts AUM Targets

By on Jun 11, 2014 in Property News, Retail

Land and Houses Fund Management has slashed its Bt40-billion target for assets under management (AUM) due to uncertainty over its planned Terminal 21 Property Fund, while aiming to swing to a profit next year after wiping out its retained losses this year. Managing director Chantana Kanchanagama said yesterday that the revision was due mainly to a reduction in a planned property fund’s size to about Bt10 billion from Bt20 billion.

The proposed property fund, which has already got the Securities and Exchange Commission’s approval for an initial public offering by the end of this year, will invest in Terminal 21 and Home Product Centre, better known as HomePro. However, the property fund might be changed into two real-estate investment trusts (REIT) – one for Terminal 21 and the other for HomePro. That decision will likely be seen late this year.

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