ALLY Leasehold Real Estate Investment Trust (SET:ALLY) agreed to acquire Happy Avenue Donmuang Project from N.R. Property Company Limited for THB 230 million on April 3, 2024. The transaction will be funded from loan from banks. The board of ALLY granted the approval for the acquisition on April 3, 2024. The transaction is subject to there being no unresolved issues from legal due diligence or in case there is any pending legal issue which is unresolved or cannot be rectified, the REIT Manager will disclose such risk in the Annual Report of ALLY and will comply with the relevant laws and regulations, on the completion date, any mortgage or collateral registered over the additional investment assets will be released and the Trustee has certified that the investment by ALLY in the additional investment assets is compliant with the Trust Deed and relevant laws, rules, and regulations. The transaction is expected to close in 2nd quarter of 2024. The transaction will provide increasing returns to the Trust Unitholders and strengthen ALLY?s long-term operating income through the diversification of risk in the procurement of benefits from immovable properties, and the mitigation of dependence on a source of income from the assets of any one project.
ALLY Leasehold Real Estate Investment Trust (SET:ALLY) completed the acquisition of Happy Avenue Donmuang Project from N.R. Property Company Limited for THB 230 million on May 30, 2024. The name of the entity has been changed to ALLY Freehold and Leasehold Real Estate Investment Trust.
ALLY Leasehold Real Estate Investment Trust (the Trust) is a diversified real estate investment trust. The Trust's investment policy is to invest in core assets which comprise all types of freehold and leasehold real estate and assets that are components, machinery, or equipment of the aforementioned assets, such as shopping mall, department store, community mall and other commercial space (Core component), including other commercial properties (Non-core component), such as convention hall, office building, commercial building, exhibition hall, warehouse and storage that supports other properties which it invests in, parking building, wholesale/retail market, and properties that generate recurring incomes, including commercial property and other property that is relevant or supportive of real estate rental business and business that supports its investment. ALLY REIT Management Company Limited serves as the Trust's manager and SCB Asset Management Company Limited as the Trustee.
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