|With potential office building project in High-End Mixed-use Commercial Complex at the center of Sukhumvit business district|
BANGKOK, Jan 23, 2018 - (ACN Newswire) - Bhiraj Office Leasehold REIT, or SET: BOFFICE, opened for trading on the Stock Exchange of Thailand (SET) today, 23 January, and was well received by both institutional and retail investors after the initial public offering price was set at 10 Baht per unit. The investment highlights are quality, as the Grade A office building has been designed as a Mixed-use Commercial Complex; location, situated adjacent to the EmQuartier shopping complex at the center of the Sukhumvit business district; and high growth potential, from the outstanding rental rates.
Mr. Attakorn Netneramitdee, Managing Director of Bhiraj REIT Management Co.Ltd., confirmed Bhiraj Office REIT (BOFFICE), for its initial investment, invests in long-term leasehold right of the BHIRAJ TOWER at EmQuartier. The leasehold right covers office area for rent, parking area, common office area and utility system area for the project - totaling 94,853 square meters. The leasehold period is approximately 26 years and 9 months, starting from the expected date to invest of 1 January 2018 until ended on 30 September 2044.
The BHIRAJ TOWER at EmQuartier is one of the quality projects developed by BHIRAJ BURI GROUP, committed to creating value through developing quality projects. BHIRAJ TOWER was built with a vision of creating an outstanding Grade A office building in CBD of Sukhumvit area that has direct connection to the BTS sky train, Prompong station. Additionally, as a Mixed-use Commercial Complex located in the same area as the EmQuartier shopping center, BHIRAJ TOWER at EmQuatier is situated among many convenient facilities. With its prominent location, BHIRAJ TOWER at EmQuartier has been winning tenants since its launch in March 2015, allowing the project to reach the very high 98.7% occupancy rate from the total leased space of 49,700 square meters, as of 30 September 2017.
Mr. Taweechai Tangthanasup, Head of Investment Banking, TISCO Securities Company Ltd, Co-Financial Advisor and Co-Lead Underwriter, said that the asset in which Bhiraj Office REIT (BOFFICE) will invest is a quality project that is expected to generate attractive revenue with high growth potential, considering its high quality as Grade A office building, high quality tenant portfolio ranging from small businesses to large multi-national corporations with well diversified industry of tenants, for example, consumer goods, E-Commerce, and pharmaceutical companies etc., allowing the project to achieve stable performance without dependency on a particular group of tenants. Given aforementioned strengths and its prime location, the rental rate and performance of the asset are likely to grow consistantly in the future, making this offering a good opportunity for the trust unitholders of Bhiraj Office REIT to gain consistent returns on a long-term investment.
Mr. Sawit Srisaranyapong, Chief of Investment Banking Business Division, Kasikornbank Public Company Limited, Co-Financial Advisor and Co-Lead Underwriter, said that BHIRAJ TOWER at EmQuartier is one of the high growth potential projects under BHIRAJ BURI GROUP. It is operated by Bhiraj Management Company Limited, a property management company with extensive experience and expertise from operating several real estate projects, for example, Bangkok International Trade and Exhibition Centre (BITEC), United Business Centre II (UBC II), and BHIRAJ TOWER at BITEC. With such well-managed, it is another key factor that the BHIRAJ TOWER at EmQuartier has been well received by all tenants.
For Bhiraj Buri Group,
Orn-anong Pattaravechakul (Fah)
MT Multimedia Co. Ltd.
+66-86-801-8888 or +66-2-612-0281 ext 129
Email: [email protected]
Topic: Press release summary
Sectors: Real Estate
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