Frasers Property arm to buy Thai real estate firm for $850m

It will generate revenue in excess of $860m (THB20b).

Frasers Property’s indirect associated company entered a conditional voluntary tender offer (VTO) to acquire 100% of issued securities for property development firm Golden Land for approximately $850m (THB19.75b), an announcement revealed.

According to Frasers, the acquisition is in line with its strategy to build an integrated real estate platform with multi-segment property execution capabilities, as well as balance and diversify portfolio across asset classes and customer segments.

The combined platform will generate revenue in excess of $860m (THB20b) with total assets above $3.45b (THB80b) post-transaction based on the success of the VTO, according to Frasers.

Since 2013, Golden Land’s revenue reportedly grew 58% with its new flagship development projects such as SamYan Mitr Town, FYI Centre and Sathorn Square. It also has a shareholding interests in hospitality assets including Mayfair Marriott Executive Apartment, The Ascott Sathorn and Modena by Fraser Bangkok. The company has 41 active residential projects in Bangkok and the vicinity, and plans to launch 25 new projects valued at $1.12b (THB26b) in 2019.