Thai Bangkok Land plans Sept IPO for $627 million REIT

BANGKOK Thu Aug 28, 2014 1:36am EDT

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BANGKOK Aug 28 (Reuters) - Thailand's property developer Bangkok Land Pcl said on Thursday it plans to set up a 20 billion baht ($628 million) real estate investment trust (REIT) and offer investors a 50 percent stake in it via an initial public offering in September.

The IMPACT Growth REIT would be Thailand's first and would use as its underlying assets properties at the company's IMPACT Muang Thong Thai exhibition hall, managing director Peter Kanjanapas told reporters.

Bangkok Land will hold 50 percent of the REIT. Kasikornbank and Maybank Kim Eng Securities are the company's financial advisors for the transaction, Peter added. ($1 = 31.8700 Thai Baht) (Reporting by Saranya Suksomkij; Writing by Khettiya Jittapong; Editing by Miral Fahmy)

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