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The Stock Exchange of Thailand (SET) will list Land and Houses Freehold and Leasehold Property Fund, managed by Land and Houses Fund Management Co., Ltd, with a size of THB 3.3 billion (approx. USD 106.5 million) on its main board, under the ticker symbol “LHPF,” on April 2.
LHPF, a closed-end specific property fund, invests in residential units of Land and Houses Group, which are serviced apartment projects Centre Point Sukhumvit Thong-Lo and Centre Point Residence Phromphong, and rental housing project L&H Villa Sathon.
“LHPF is the third property fund listing on the Thai bourse this year. It sold its initial public offering (IPO) at THB 10 each for 330 million investment units, with a total worth of THB 3.3 billion between March 8 and 16,” said SET Executive Vice President Chanitr Charnchainarong.
Chantana Kanchanagama, Managing Director of Land and Houses Fund Management Co., Ltd, said: “LHPF invests in land and buildings. With the high potential of excellent property locations and under Centre Point expertise in serviced apartment management, we believe the listing of LHPF is an attractive option likely to boost returns to investors.”
LHPF’s dividend policy is to pay at least twice a year, at no less than 90 percent of net profit, excluding unrealized gains from auditing of property reappraisals of leases during the related accounting period. The fund's top three shareholders after its IPO are Land and Houses group (17.77 percent), Government Savings Bank (15.14 percent), and Government of Singapore Investment Corporation Pte Ltd. (15.00 percent).
For more information, please see LHPF’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
