SET President Kesara Manchusree said that B-WORK would list and start trading on Property & Construction industry, Property Fund & REITs sector, on February 28, 2018.
B-WORK invests in leasehold rights of land and office buildings of True Tower 1 and True Tower 2 for 30 years. Both buildings have a combined rental space of 62,387 square meters, and True Group and Charoen Pokphand Group are the major tenants – accounting for 86.3 percent and 11.3 percent, respectively.
B-WORK offered 368.8 million units at THB 10.00 each, for a total of THB 3.69 billion, to institutional investors, True Properties Co., Ltd. and related persons during January 29 - February 2 and February 5, as well as underwriter's benefactors during January 29 - February 2. True Properties Co., Ltd. is its property manager, having BBL Asset Management Co., Ltd. as its REIT Manager, Krung Thai Asset Management pcl as trustee, and Bangkok Bank pcl as financial advisor and underwriter.
BBL Asset Management Deputy Managing Director, Head of Real Estate & Infrastructure Investment, Sudhipongse Phuaphanprasert said that True Tower 1 and True Tower 2 are high quality buildings with a full array of facilities, recreation and co-working space decorated on each floor. Strategically located in Bangkok's business area near intersections, convenient and accessible via many main roads, the rental rates are reasonably high. As such B-WORK could add investment value and yield good returns for the trust unit holders in the long run.
B-WORK's dividend policy is to pay at least twice a year at no less than 90 percent of the adjusted net profit of its financial year. B-WORK's three major unit holders are True Properties Co., Ltd. (15.18 percent), Allianz Ayudhya Assurance pcl (7.59 percent) and CIMB-Principal Property Income Fund-D (6.39 percent).
For more information, please see B-WORK's prospectus at the Securities and Exchange Commission's website at www.sec.or.th, and the trust's general information at www.bworkreit.com , as well as www.set.or.th.