Pre-marketing is underway for an initial public offering of the Tesco Lotus Property Fund, which aims to raise about Bt14 billion $450 million.
If successful, it will be the biggest IPO in Thailand since Rayong Refinery’s $719 million offering in May 2006, according to Dealogic.
Thai property funds are similar to a real estate investment trust Reit and Tesco’s planned IPO will create the biggest retail property fund in Thailand, according to an announcement made by the British supermarket chain in September. It will also be the most geographically diverse, comprising a portfolio of properties in Bangkok, provincial capitals and popular tourist areas.
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