公司新聞
Hemaraj Acquires Office Building 27,500 Square Meters
25/06/2007
Acquisition of ownership of UM Tower and adjacent land
Hemaraj Land And Development Public Company Limited (“Hemaraj” or the “Company”), Thailand’s leading developer of industrial estates, utilities and property announced that, primarily via its new subsidiary “H-Phoenix Property Company Limited”, has signed the sale and purchase agreement to acquire the majority ownership of UM Tower and an additional adjacent land area of 1 rai 3 ngan 31 square wah (731 square wah or 2,924 square meters) for Baht 855 million in total. UM Tower is a 31-storey juristic office building, set on two rai of land with a total net lettable or salable area of 35,500 square meters. The building is located at 9 Ramkhamhaeng Road, which is close to the expressway, being gateway to Eastern Seaboard and downtown. Next to the building, Airport Express Station is now under construction. The current occupancy rate is 75%. The company intends to use 1,500 square meters for its own use and to rent the remaining 26,000 square meters. The adjacent land will provide Hemaraj with future property development opportunities.
On June 7, 2007, Hemaraj established H-Phoenix Property Company Limited for commercial property lease or sale and management with registered capital of Baht 50 million, fully paid-up.
Management’s Comments:
Mr. David Nardone, President and CEO of Hemaraj said that: “The acquisition of the majority ownership of UM Tower and the purchase of the freehold land adjacent was at a reasonable cost and below replacement value. However, compared with average rental rates of non-CBD office buildings, there are upside opportunities in improving the building tenancy performance and thus enhancing the asset return. The acquisition, funded from our internal sources primarily, is in line with our strategy of identifying the best profit opportunities for expansion in the property sector.”
Hemaraj Land And Development Public Company Limited (“Hemaraj” or the “Company”), Thailand’s leading developer of industrial estates, utilities and property announced that, primarily via its new subsidiary “H-Phoenix Property Company Limited”, has signed the sale and purchase agreement to acquire the majority ownership of UM Tower and an additional adjacent land area of 1 rai 3 ngan 31 square wah (731 square wah or 2,924 square meters) for Baht 855 million in total. UM Tower is a 31-storey juristic office building, set on two rai of land with a total net lettable or salable area of 35,500 square meters. The building is located at 9 Ramkhamhaeng Road, which is close to the expressway, being gateway to Eastern Seaboard and downtown. Next to the building, Airport Express Station is now under construction. The current occupancy rate is 75%. The company intends to use 1,500 square meters for its own use and to rent the remaining 26,000 square meters. The adjacent land will provide Hemaraj with future property development opportunities.
On June 7, 2007, Hemaraj established H-Phoenix Property Company Limited for commercial property lease or sale and management with registered capital of Baht 50 million, fully paid-up.
Management’s Comments:
Mr. David Nardone, President and CEO of Hemaraj said that: “The acquisition of the majority ownership of UM Tower and the purchase of the freehold land adjacent was at a reasonable cost and below replacement value. However, compared with average rental rates of non-CBD office buildings, there are upside opportunities in improving the building tenancy performance and thus enhancing the asset return. The acquisition, funded from our internal sources primarily, is in line with our strategy of identifying the best profit opportunities for expansion in the property sector.”