Thai billionaire Charoen Sirivadhanabhakdi is looking to raise up to
S$600 million through the listing of a Hospitality Real Estate Investment Trust in Singapore in
the second quarter. This listing would mark the first step toward the merging of property
assets of Charoen's business empire, which operates under the
Singapore-listed FCL and his TCC Group, after the Thai tycoon won
control of the drinks-and-property conglomerate Fraser and Neave in an
$11 billion deal last year.
Frasers Centrepoint ventured into the serviced residence management in 1998 through its subsidiary Frasers Hospitality Pte Ltd. From two flagship properties in Singapore, Frasers Hospitality has since
expanded aggressively to become an award-winning global serviced
residence owner and management company with Gold-Standard residences
across Europe, North Asia, Southeast Asia, Middle East and Australia.
Today, it offers about 8,000 apartments in over 30 cities.
If the listing of a Hospitality Real Estate Investment Trust came true in the second quarter, investors of FCL will probably be given a one time special dividend upon the listing of the Hospitality REITs. Sound pretty attractive and the bright vision from Charoen in shaping FCL towards a strong footage in the property market.
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