TLGF completes acquisition of one additional Tesco Lotus-anchored shopping mall
Bangkok, 27 January 2014: Tesco Lotus Retail Growth Freehold and Leasehold Property Fund (TLGF) completed the acquisition of a new property, Tesco Lotus Extra Navanakorn, on Friday 24 January 2014. The acquisition was previously approved by the Meeting of Unitholder No. 1/2013 on 4 November 2013 to invest in one shopping mall property. The source of fund for the investment is a loan obtained from a financial institution.
Tesco Lotus Extra Navanakorn is a freehold property located next to Navanakorn industrial estate, one of the largest industrial estates in Thailand. The property has 40,012 square meters of gross floor area, 19,909 square meters of net lettable area and 10,202 square meters of total lettable area for permanent tenants. The Purchase Price is 2,246 million baht which does not exceed the lowest price obtained from the Independent Property Appraisers by more than 10% according to the SEC regulation. This investment will bring TLGF’s portfolio to a total of 23 Tesco Lotus hypermarket-anchored shopping malls with the freehold proportion up from 75% to 77%.
Somchai Boonnamsiri, CEO, Krung Thai Asset Management Public Company Limited (KTAM), the Management Company of TLGF, said, “TLGF continues to deliver growth for our unitholders through acquisition of a high quality asset. I am pleased that the acquisition was completed as planned.”
Sompong Rungnirattisai, Property Director, Tesco Lotus said, “Tesco Lotus Extra Navanakorn is a shopping mall that has proven track records and was recently refurbished to attract more customers. As TLGF’s Property Manager, Tesco Lotus will continue to manage Tesco Lotus Extra Navanakorn malls based on our long-time experience in managing the biggest retail space in Thailand. ”
Since its establishment and flagship IPO in 2012, TLGF has invested in 23 Tesco Lotus hypermarket-anchored shopping malls in prime locations across Thailand, including the recently acquired Tesco Lotus- anchored mall in Navanakorn area. TLGF is one of the largest listed property funds in Thailand with a market capitalization of over 28 billion baht (information as of 23 January 2014).
For more information contact:
Ek-Chai Distribution System Co Ltd (Tesco Lotus)
Ariya Silakorn 02 797 9000 ext 5507,
ariya.silakorn@th.tesco.comKrung Thai Asset Management PCL
Saengsiri Netumporn 02 670 4900 ext 1235,
saengsiri@ktam.co.th