TICON Freehold and Leasehold Real Estate Investment Trust (“TREIT”) was established pursuant to the Transactions in Capital Market Act B.E. 2550 on December 12, 2014, with registered capital of Baht 3,425,000,000. In this regard, BBL Asset Management Company Limited, the Trustee, has appointed TICON Management Company Limited (TMAN) to act as the REIT Manager. TICON Industrial Connection Public Company Limited and TICON Logistics Park Company Limited are hired as the Property Manager and Thailand Securities Depository Company Limited acts as the Trust Registrar.
TREIT Started Trading on SET
The SET received capital from the sale of TREIT’s trust units and announced the listing. TREIT was started trading on January 9, 2015 onwards.
On October 30, 2015, TMAN, the REIT manager, announced TREIT’s new capital raising plan. The additional fund raise is in total of Baht 2,243 million (224.30 million units at Baht 10 per units) offered to existing unitholders and the public to invest in TICON group’s warehouses and factories.
On December 17, 2015, the SET approved listing of additional issuance units and permitted to start trading on December 25, 2015.
Conversion of TFUND, TLOGIS and TGROWTH into TREIT
As the unitholders of (1) TICON Property Fund (TFUND) (2) TPARK Logistics Property Fund (TLOGIS) and, (3) TICON Industrial Growth Leasehold Property Fund (TGROWTH) had understood the regulations of Office of the Securities and Exchange Commission (SEC) and the benefits of operation related to tax benefits and the discount incentive on the registration fee. Moreover, TICON Management Company Limited as the REIT Manager had expressed its intent to let TREIT invest in the assets of these 3 property funds, the conversion was occurred under the conditions as follows;
(1) 1 unit of TFUND to 0.9874 units of TREIT with cash of Baht 1.6977 per unit
(2) 1 unit of TLOGIS to 1.0129 units of TREIT with cash of Baht 1.7415 per unit
(3) 1 unit of TGROWTH to 0.8673 unit of TREIT with cash of Baht 1.4911 per unit
On December 20, 2017, TREIT received the transfer of assets and obligations of TFUND, TLOGIS and TGROWTH, and issued the new trust units together with cash in exchange on their assets and obligations. After the conversion, the registered capital of TREIT is Baht 25,066,972,762.45 (2,602,387,048 units at the par value of Baht 9.6323 each). SET permitted to start trading again on December 25, 2015.
The Change of Name and Symbol
To raise up the REIT to international standards and increase investment opportunities for potential overseas properties, the REIT Manager, therefore, approved the change of the name and symbol of the REIT and REIT Manager as follows:
|TRUST||ทรัสต์เพื่อการลงทุนในอสังหาริมทรัพย์และสิทธิการเช่าอสังหาริมทรัยพ์เพื่ออุตสาหกรรม เฟรเซอร์ พร็อพเพอร์ตี้ Frasers Property Thailand Industrial Freehold & Leasehold REIT
Symbol : FTREIT
|TRUST Manager||บริษัท เฟรเซอร์ พร็อพเพอร์ตี้ อินดัสเทรียล รีท แมนเนจเม้นท์ (ประเทศไทย) จำกัด Frasers Property Industrial REIT Management (Thailand) Company Limited
Symbol : FIRM
This regard was informed to unitholders in the 2019 Annual General Meeting on January 28, 2019.