AIMIRT closes the merger deal, converts PPF funds, and transfers over 2,000 million in assets.


AIMIRT closes the merger deal

On June 7, 2024, Mr. Amorn Chulalaksananukul, Chief Executive Officer of AIM REIT Management Company Limited, as the REIT manager of. The AIM Industrial Growth Real Estate and Leasehold Real Estate Investment Trust (AIMIRT), revealed that on June 6, 2024, AIMIRT Trust. Successfully received the transfer of assets and liabilities from Pinthong Industrial Park Property Fund (PPF). This transfer was in exchange. For the assets and liabilities of the PPF Mutual Fund that have been transferred to the AIMIRT Trust.

 

The REIT manager issued 196,019,335 trust units of AIMIRT Trust to the PPF Mutual Fund

The REIT manager issued 196,019,335 trust units of AIMIRT Trust to the PPF Mutual Fund along with cash in the amount of 168,382,500 baht, according to the swap ratio of investment units of the PPF Mutual Fund with trust units of the AIMIRT Trust. The swap ratio was 1 investment unit of the PPF Mutual Fund to 0.8731 trust units of the AIMIRT Trust, along with cash in the amount of 0.7500 baht per 1 investment unit of the PPF Mutual Fund. This marks the successful closing of the deal for merging and converting the PPF Mutual Fund into the AIMIRT Trust as per the plan.

The transaction further proves AIMIRT Trust's success as Thailand's first and largest independent REIT, with an open investment policy. AIMIRT Trust objectively selects potential assets for the best investor returns, standing the test of time since its 2018 IPO of 2,140 million baht.

Until now, after the successful merger of the PPF Mutual Fund, the total asset value has grown to 13,000 million baht, with the trust fund's size expanding qualitatively. As a result, AIMIRT Trust has gained greater strength  and potential in many areas.

 

opportunity to save on fees and taxes

Mr. Jarasrit Atthawetayaworawut, Managing Director of AIM REIT Management Company Limited, emphasized from the start the potential of PPF. Mutual Fund's assets and the tax-saving opportunity from converting real estate mutual funds, a government-provided benefit ending in 2024. Throughout the past year, AIMIRT REIT Manager has diligently worked to ensure the success of this planned deal despite challenges. They believe this will be beneficial to both the unitholders of AIMIRT Trust and the broader investment community.

By including unitholders of the PPF Mutual Fund, the amalgamation of PPF Mutual Fund assets strengthens AIMIRT Trust. Particularly in distributing the property portfolio in the EEC zone and increasing the freehold proportion from 60% to 67%. This will definitely help enhance the long-term stability of the REIT's income and returns. Additionally, they consider it another important strategic move to form a business alliance with the Pinthong Group, professionals. Who will assist in further managing the property.

 

unlocks many constraints

Moreover, for unitholders of the PPF Mutual Fund, moving to the REIT platform unlocks many constraints, one important constraint being. The opportunity for growth through additional investment in potential assets—something that real estate funds currently cannot do. This transition. Will increase the opportunity to earn income and reduce the risk associated with investing in a single type of property.

Mr. Thanadet Opasayanon, Co-Managing Director of AIM REIT Management Company Limited, added that investors on both sides strongly support the merger of PPF Mutual Fund into AIMIRT Trust, clearly reflecting the advantages and benefits obtained from this process. The approval received a unanimous vote, with 100% from unitholders of AIMIRT Trust and 99% from unitholders of PPF Mutual Fund. Balancing the interests of unitholders on both sides was a significant challenge.

 

the merger of PFF Mutual Fund assets also allows AIMIRT

In addition to the advantages of growth and diversification of the property portfolio as mentioned above, the merger of PPF. Mutual Fund assets also allows AIMIRT Trust to better structure its capital. This will create stability in the payment of benefits to unitholders of AIMIRT Trust as well.

In the next step, PPF Mutual Fund will commence distributing trust units of AIMIRT Trust along with cash to unitholders. PPF Mutual Fund whose names appear in the unitholder register on the closing date of the transfer suspension register. Additionally, they expect the newly issued trust units of AIMIRT Trust to commence trading on the Stock Exchange. Of Thailand on June 12, 2024. Furthermore, they will delist the investment units of PPF Mutual Fund from the Stock. Exchange of Thailand on the same day.

 

Credit news: https://www.prachachat.net/finance/news-1581644

 


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