Nalinee: Move allows property expansion
SET-listed Aira Capital Plc sold around 20% or 10 million shares in its subsidiary Aira Property to the Singapore-based Kenedix Asia Pte Ltd to pave the way for the establishment of a real estate investment trust (REIT).
Nalinee Ngamsettamas, Aira's chief executive, said the deal will allow Aira Capital to set up a REIT to expand its property business in Thailand and abroad.
New partner Kenedix Asia, a subsidiary of Kenedix Inc (Singapore), has expertise in REITs and is keen on office building management and service apartment development in Asian countries.
"We hope this deal will help us expand our property business regionally based on the strong network and experience of our new partner," said Ms Nalinee.
Under the partnership, Aira will provide financial support while Kenedix contributes its high-quality assets and management of property assets for the REIT.
Akihiro Nakao, president of Kenedix Asia, said it is a key company policy to expand into Asia, including Asean.
Kenedix just finished its purchase deal with a Vietnamese firm for a nine-storey building consisting of offices and serviced apartments in Hanoi.
"We see great potential in Thailand's office market, where we expect a good return from rental income. This is why we decided to join Aira as it should be a good local partner in helping us capture the potential in the market," said Mr Nakao.
Aira Property operates a business similar to Kenedix, with a parent firm that is a financial holding group, making it a sensible deal, he said.
"Given the strong financial base of Aira Property's parent firm, we are quite confident in the future prospects of the company. The collaboration between Kenedix's expertise in REIT management and Aira Capital will strengthen our ability to expand in the property market," said Mr Nakao.
AIRA shares closed yesterday on the Stock Exchange of Thailand at 2.48 baht, up two satang, in trade worth 7.41 million baht.
No comments:
Post a Comment