Asset World plans US$1.44B REIT listing with four hotels and Bangkok office complex
Thai billionaire Charoen Sirivadhanabhakdi's Asset World is transferring four hotels and an office complex worth at least 48.5 billion baht (US$1.44 billion) to a new real estate investment trust. The REIT, targeting an early 2027 listing, aims to attract both Thai and foreign investors and free up
Asset World, the property arm of Thai billionaire Charoen Sirivadhanabhakdi's business empire, plans to list a real estate investment trust (REIT) with an initial portfolio valued at a minimum of 48.5 billion baht (US$1.44 billion), according to Thai newspaper The Nation. The trust will be seeded with four hotels and The Empire office and lifestyle complex in Bangkok.
The hotels being transferred are Banyan Tree Samui, Pattaya Marriott Resort and Spa, Meliá Koh Samui and Banyan Tree Kabi. Asset World described the properties as mature, premium freehold assets with established operating performance and the ability to generate recurring income. The group aims to attract both Thai and overseas institutional and retail investors, with foreign institutional investors expected to account for about half of the REIT's initial offering, planned for early 2027.
The move is part of Asset World's strategy to free up capital tied to mature assets and redirect it into new projects, while building a separate portfolio of income-generating properties. "We expect the new REIT to become an important funding vehicle for Asset World," said Wallapa Traisorat, the group's CEO and Charoen's daughter, as quoted by Bloomberg. "We plan to inject more assets into the REIT over time to help unlock their value."
Asset World is evaluating nine other properties for possible future transfers to the trust, comprising a total of 3,100 hotel rooms and 32,235 square metres of net lettable area. The group's presentation outlined plans to invest 100 billion baht through 2030 to expand its hotel and commercial businesses. Its current portfolio includes five office buildings, 11 retail and wholesale properties, and 25 hotels operating under brands such as Marriott, Hilton, Hyatt and Sheraton.
Charoen and his family ranked fifth on Forbes' list of Thailand's richest people in July with a combined estimated net worth of US$11.5 billion. His interests also include Thailand's largest beverage producer and distributor Thai Beverage, packaging company Berli Jucker, hypermarket operator Big C Supercenter, and another property developer, Frasers Property, whose group CEO Panote Sirivadhanabhakdi is Charoen's son.
