Ticon Industrial Connection to sell additional assets worth $42.6m to TREIT

Cambodia Construction News Vietnam
Virapan Pulges, Managing Director of TICON.
Virapan Pulges, Managing Director of TICON.

Ticon Industrial Connection Pcl, a Thailand based factory and warehouse developer, plans to sell factories and warehouses worth more than 1.47 billion baht ($42.6 million) to Ticon Freehold and Leasehold Real Estate Investment Trust (TREIT).

This second sale transaction will take place before the end of this year, said managing director Virapan Pulges.

The assets include land and 15 warehouses- in various locations including Lam Chabang, Sriracha, Ayutthaya, Bangpli, Rayong and Prachinburi – which are currently with its subsidiary TPARK’s .

A total of 42 new customers have rented its factories and warehouses in the first half, resulting in a total of 325 customers of Ticon and TPARK.

The company is accelerating the development of its factories and warehouses in Thailand to meet an additional space target of 280,000 square metres or 10 per cent by the end of this year.

It has conducted feasibility studies on investment in Cambodia, and is considering local partnerships in Vietnam, which should be finalized in the fourth quarter.

The second phase of its joint venture project in Indonesia, partnering with Indonesia’s PT Surya Semesta Internusa Tbk and Japan’s Mitsui & Co, is also scheduled to complete in 2016. Upon the completion, the total project will cover 146,000 square metres.

Ticon Group currently has 51 factory and warehouse projects with 797 units, with total space under management of 2.5 million square metres.

Source: http://www.dealstreetasia.com/stories/thailand-ticon-industrial-connection-to-sell-42-6m-additional-assets-to-treit-52103/

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