ASEAN KEY DESTINATIONS
SET News 136/2013
Nov 13, 2013
Thai bourse lists Uniloft Property Fund on November 14
BANGKOK, November 13, 2013 – The Stock Exchange of Thailand (SET) will list Uniloft Property Fund, managed by One Asset Management Limited, with a size of THB 515 million (approx. USD 16.35 million), on its main board on November 14, under the ticker symbol "UNIPF."
SET Senior Vice President Paveena Sriphothong said that UNIPF would list and sell on the main board in the Property Fund sector, Property and Construction industry. It sold 51.50 million units via an initial public offering (IPO) at THB 10 per unit, with a total worth of THB 515 million between 14 and 25 October.
UNIPF, a specific closed-end property fund, invested in the freehold rights in the Uniloft Salaya project, including land, three dormitory buildings, other buildings, and related infrastructure and necessary assets, owned by Bright Development Bangkok Co.,Ltd. (Bright). Property Perfect pcl (PF), holding a 100 percent stake in Bright, is the sole lessee and project manager. The project’s highlight is its location, which is situated near Mahidol University, Salaya campus, and its modern and outstanding building which is able to meet the needs of university students, the property’s main target market.
One Asset Management’s CEO Win Udomrachtavanich, said that UNIPF will get a fixed rental fee from PF of THB 43.5 million per year throughout the three-year period that the fund has agreed to invest in. The fund has the right to extend the rental period for another year under the same conditions and rental fee. After the rental contract expires, the fund will procure a new sole lessee or enter into a new rental and service contract directly with retail tenants under the management of PF which has long experiences and expertise of property development for more than 28 years. We believe the listing of UNIPF will be a good investment choice for investors.
UNIPF’s dividend policy is to pay at least once a year, at no less than 90 percent of adjusted net profit of its financial year. The fund's major unit holders after its IPO are PF (19.42 percent), and five other investors, which are Pimprapa Kanathanavanich, Pranee Phaoenchoke, Advance Finance pcl, Sino-Thai Engineering & Construction pcl, and AEC Securities pcl, each hold 3.88 percent of the total stake.
For more information, please see UNIPF property fund's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information on SET's website at www.set.or.th
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