The Stock Exchange of Thailand (SET) will list Prime Office Leasehold Property Fund, worth THB3.42 billion (approx. USD113.51 million), on April 12, under the symbol “POPF”.
The POPF is a closed-end specific property fund with an unspecified project life. The highlight of POPF is the locations of the two office buildings it has invested in, which are in Bangkok’s prime business areas, with an average occupancy rate of more than 95.00% during the past 5 years. The POPF has invested in leasehold right on land, building and other construction, including with purchasing equipments and systems relevant to UBC 2 building, and has also invested in the ownership of building and other construction, including related system and transferring the leasehold rights on land which Pleonchit Center building is located.
The POPF held its IPO at a price of THB10.00 each for 342 million investment units, worth THB3.42 billion (approx. USD113.51 million) during March 23-29 with SCB Asset Management Co., Ltd. as the fund manager. The fund will start trading in the Property Fund Sector, Property & Construction Industry Group on April 12, Mr. Chanitr Charnchainarong, SET Group Head Issuer & Listing, said.
The POPF’s policy is to pay dividends no more than 4 times a year, and at not less than 90% of net profits excluding unrealized gains from auditing of property appraisals or leases during the related accounting period.
“The POPF is the third property fund to be listed on the SET this year. The combined value of all three property funds now stands at around THB8.22 billion (approx. USD272.95 million), which shows that raising capital by setting up a property fund has been effective in expanding the real estate business, and is an option that can offer sound returns for investors”, said Mr.Chanitr.
The POPF’s top three shareholders after its IPO are the Social Security Office (19.30%), Siam Commercial Bank PCL (8.80%) and Bhiraj Buri Co., Ltd. (4.39%).
