SET Senior Executive Vice President Manpong Senanarong said that INETREIT would list and start trading on SET in the Property & Construction industry group, Property Fund & REITs sector.
INETREIT invests in freehold rights of buildings and equipment related to the operation of the Data Center INET-IDC3 Phase 1 project and leasehold rights of the land which is the site of the substation building in Kaeng Khoi district of Saraburi province by leasing out exclusively to Internet Thailand pcl (INET) for 25 years until December 31, 2045. INET can therefore provide services for its major customers consisting of government organizations, banking business, and information and communications technology (ICT) business. As of December 31, 2020, the rate of rack rent was approximately 65%.
INETREIT offered 330 million trust units to investors (best efforts underwriting): no more than 200 million units to institutional investors; no more than 120 million units to persons at the underwriter's discretion; no more than 100 million units to INET, its directors, its executives, its controller and/or a group of the same persons; and no more than 20 million units to INET's patrons during July 16, 19-23 and 27 at THB 10 each, for a total of THB 3.3 billion. INET REIT Management Co., Ltd. (a subsidiary of INET) is the REIT manager.Kasikorn Asset Management Co., Ltd. is the trustee, Jay Capital Advisory Co., Ltd. is the financial advisor, and Kasikornbank pcl is the lead underwriter.
INET REIT Management Managing Director Pornwisa Mangkit said that INETREIT has used the fundraising and loans to invest in the INET-IDC3 Phase 1 project which is a potential asset, with international standards, stability and security. As such, it has gained trust from top-notch customers in various industries in both government and private sectors. The trust will receive income from fixed rental fee (to be increased 2% each year) from INET which is a SET-listed company with 25 years of expertise in data center business. Moreover, the trust also holds the right of first refusal (ROFR) in other INET's data center projects in order to support its investment expansion plans in the future.
INETREIT's top three unitholders after the IPO are 1) INET (25 percent), 2) K Property Infrastructure Flexible Fund (5.35 percent) and 3) Muang Thai Life Assurance pcl (3.79 percent). The trust unit price was based on the survey of demand for purchasing of the trust units from institutional investors (book building). The dividend policy of the trust is to pay no less than 90 percent of the adjusted net profit of the accounting year by paying no less than twice per accounting year.
For more information on INETREIT, please see its prospectus at the website of the Securities and Exchange Commission at www.sec.co.th. For general information, please visit www.inetreit.com and www.set.or.th.
Source: SET Corporate Communications