ALLY Leasehold Real Estate Investment Trust Approves Acquisition of Kad Farang Village Project
March 11, 2021 at 05:35 am
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The Board of Directors of K.E. REIT Management Company Limited ("REIT Manager"), as a REIT Manager of ALLY Leasehold Real Estate Investment Trust (the "REIT" of "ALLY"), in its meeting No. 2/2021 held on 10 March 2021, at 04.00 pm., resolved as follows: 1. Acquisition of Additional Assets. The REIT's proposed acquisition of additional assets was approved. The additional assets include: Kad Farang Village Project - Type of asset: Community mall; Location: 225, KM. 13, Moo 13, Chiang Mai-Hod Road, Baanwaen Subdistrict, Hang Dong District, Chiang Mai 50230; Owner: Muensaneproperty Company Limited; Property manager: Muensaneproperty Company Limited and K.E. Property Management Company Limited; Net leasable area - 6,900 square meters; Acquisition structure Leasehold real estate and component parts, and ownership of furniture, fixtures, equipment and movable assets; Completion date - Expected to be completed by the end of April 2021; Investment period - 30 years from the completion date; Acquisition value - Not more than THB 390,000,000. Transaction size compared - 3.18% to total asset value; Source of funds - Loan from BBL of not more than THB 1,261 million (existing loan), with the following collateral: 1. Business security registration over the REIT's leasehold real estate in 1) Amorini Ramintra Project, 2) Plearnary Mall Watcharapol Project, 3) Sammakorn Place Ramkhamhaeng Project, 4) Sammakorn Place, 5) Sammakorn Place Rangsit Project and 6) Kad Farang Village Project. 2. Business security registration over the REIT's claims and rights against debtors in the aforementioned projects. 3. Property all risks insurance and business interruption insurance for the buildings located in the aforementioned projects, under which policies the lender and borrower shall be joint beneficiaries. Approval of the Board of Directors meeting of the REIT Manager is obtained. The approval was granted on 10 March 2021.
ALLY Leasehold Real Estate Investment Trust (the Trust) is a Thailand-based diversified real estate investment trust. The Trust's investment policy is to invest in core assets, which comprises 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 hall and other commercial space, including other commercial properties, such as convention hall, office building, commercial building, exhibition hall, warehouse and storage thatâs supports other properties which the Trust invests in, parking building, wholesale/retail market and other properties, including commercial property and other property that is relevant or supportive of real estate rental business and business that supports the Trust's investment. K.E.REIT Management Company Limited serves as a Trust's manager and SCB Asset Management Company Limited acts as a trustee.