BANGKOK (Reuters) - Thai real estate firm Pace Development Corporation said it is selling 14 billion baht ($449.29 million) worth of assets, including a substantial part of Thailand’s tallest building MahaNakorn, to travel retailer King Power.
Pace, which reported profits for the first time last year since 2013, said the sale would include an observation deck and retail space from its 22 billion baht MahaNakorn Project, which houses the 77-storey MahaNaKorn building in Bangkok. It would also include a 154-room luxury hotel in the premises.
Pace chief executive Sorapoj Techakraisri said the firm would use the proceeds to purchase shares in the project from investors Goldman Sachs Investment Holdings (Asia), an arm of Goldman Sachs, and Apollo Asia Sprint, a unit of Apollo Global Management LLC, for $320 million and repay loans.
The proceeds would also be used to develop its four other real estate properties and expand high-end grocer Dean & Deluca in the United States, Japan and Thailand, Sorapoj said in a statement.
King Power is Thailand’s biggest duty free retailer and owner of English Premier League football club Leicester City.
($1 = 31.1600 baht)
Reporting by Chayut Setboonsarng; Editing by Muralikumar Anantharaman