Summary · why it matters
Asset World Corp, or AWC, announced a board resolution to proceed with a plan to establish the AWC Lifestyle Properties real estate investment trust, or AWR, preparing to sell five high-potential assets with a combined preliminary value of not more than 50 billion baht, while setting up subsidiaries to lease them back and continue managing them in order to generate steady income and extend long-term growth. The five highlight projects to be sold into the trust comprise The Empire Sathorn, a large office building in the heart of the city, with a minimum sale price of 25.107 billion baht; Banyan Tree Samui hotel, with a minimum sale price of 6.463 billion baht; Pattaya Marriott hotel, with a minimum sale price of 6.1 billion baht; Melia Koh Samui hotel, with a minimum sale price of 5.895 billion baht; and Banyan Tree Krabi Resort, with a minimum sale price of 4.884 billion baht. If all five projects are transferred and sold together, the total value must be no less than 48.449 billion baht. In addition, AWC approved the establishment of two new subsidiaries: AWC Hotel Property Co Ltd, or AWR-Hs, to lease the group of four hotels back from the trust and continue operating them, and AWC Commercial Property Manager Co Ltd, or AWR-R, to act as property manager for The Empire project. At the same time, AWC will subscribe to investment units in the AWR trust at a proportion of not more than 28%. AWC has also begun studying the feasibility of selling a next-phase batch of nine more projects, which include Bangkok Marriott The Surawongse hotel, Marriott Marquis Queens Park hotel, The Ritz-Carlton Phuket Resort and Spa hotel, Fairmont Bangkok Sukhumvit hotel, Phuket Marriott Resort and Spa Sukhumvit Inyara Beach hotel, Kimpton Hua Hin Resort Beach Club hotel, the Asiatique The Riverfront Destination project, The Hotel Plaza Athenee Nobu Bangkok hotel, and InterContinental Chiang Mai Mae Ping Hotel. Currently, an AWC subsidiary, as trust manager, is preparing to file a registration statement with the Securities and Exchange Commission to seek approval to establish the trust and formally offer investment units to investors.
Asset World Corp Public Company Limited