Thai factory developer Ticon plans $156 million REIT in November

BANGKOK, Sept 1 Mon Sep 1, 2014 3:23am EDT

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BANGKOK, Sept 1 (Reuters) - A Thai developer of ready-built factories and warehouses, Ticon Industrial Connection Pcl plans to seek a 4-5 billion baht ($125-156 million) real estate investment trust (REIT) listing in November.

The company is seeking approval from the Securities and Exchange Commission for the REIT's IPO, which would include 200,000 square metres of factories and warehouses as the underlying assets, managing director Virapan Pulges told reporters.

Ticon expects revenue growth of 10-15 percent next year, while this year's revenue will be flat at last year's 6.6 billion baht given its first-half performance was affected by months of domestic political unrest, he said.

Ticon has seen a pick up in demand from foreign investors in the second half of this year, with about 30-40 clients, mostly Japanese investors in the auto sector, leasing the company's factories and warehouses, Virapan said.

($1 = 31.94 Thai baht) (Reporting by Pisit Changplayngam; Writing by Khettiya Jittapong Editing by Matt Driskill)

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