Thailand’s WHA Park to launch industrial park

Thailand’s WHA Park to launch industrial park
12/10/2016 , by , in INTERNATIONAL

Thailand’s biggest warehouse developer WHA Corp said on Monday it plans to launch a real estate investment trust (REIT) worth 8.02 billion baht ($230 million) in November with underlying assets in industrial estates of its Hemaraj unit.

Hemaraj Leasehold Real Estate Investment Trust (HREIT) will offer 569.4 million trust units to unit holders of WHA Premium Growth Real Estate Investment Trust, or WHART,, WHA said in a statement.

While WHA will use part proceeds to repay four billion to five billion baht of debt to bring down its debt-to-equity ratio to 1.7x from above 2x by the end of 2016, Hemaraj aims to hold at least 15 percent in HREIT, said Jareeporn Jarukornsakul, Group CEO, WHA Corporation Plc.

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