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Sri Panwa Going Into Property Fund

Author: Bill Barnett. Category: Hotels. Posted: 27th Jun 2013

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The developer of the luxury Phuket resort Sri Panwa, Charn Issara Development will inject the project into a newly set up property fund.

Tagged as the Sri Panwa Property Fund the asset base has been set at THB2 billion, and one key feature is a 7% guaranteed return for five years.

SCB Asset Management has been appointed as caretaker of the fund.

For Charn Issara the project has been lucrative as the hotel branded real estate profits have been realized and now a large cash payout for the hotel, which will be deployed for other property development.

Thailand has ushered in new legislation for REIT's which are expected to see take up for hotel assets over the next few years.

Prab Thakra's Boutique group is expected to be the first multi asset offering in the REIT hospitality sector later this year.

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