Central Group and Central Pattana Joint Venture for Central Embassy

Thansettakij•Economy•38m ago

Reader Briefing

Central Group and Central Pattana have formed a joint venture to acquire and expand the Central Embassy project with a total value exceeding 83 billion baht.

•Central Group and Central Pattana established a joint venture with a shareholding ratio of 51:49.
•The joint venture will acquire all shares of Hong Kong Land group companies in the Central Embassy 2 project.
•The total project value exceeds 83 billion baht and aims to create a super-luxury mixed-use mega landmark.
•The joint venture will invest in a 30-year long-term lease of the current Central Embassy project.

Overview

•Central Group and Central Pattana formed a joint venture with a shareholding proportion of 51:49 to develop the Central Embassy project.
•The joint venture will purchase all shares from Hong Kong Land group companies in Central Embassy 2, increasing the shareholding proportion from 51% to 100%.
•The joint venture will invest in a 30-year long-term lease for the current Central Embassy, excluding the Park Hyatt Bangkok hotel.
•The combined project will have a Gross Building Area (GBA) of 600,000 square meters, comprising 150,000 square meters from the current Central Embassy and 450,000 square meters from Central Embassy 2.
•Central Embassy has operated for over 12 years with an occupancy rate of over 90% and revenue growth of over 10% per year over the last 5 years.
•Central Group manages luxury retail in over 18 countries and 140 cities globally, while Central Pattana provides experience in developing luxury malls such as Central Phuket.
•The investment is part of Central Group's strategy to expand its luxury business portfolio.
•The project is described as a Freehold super-luxury mixed-use mega landmark located in the center of Bangkok.

Full article content is available on the original source.

Read on Thansettakij (Thai Version)View in Google Translate

Source: Thansettakij (Original)

Key Entities

Organization

Central Group(กลุ่มเซ็นทรัล)ℹ️

A global luxury retail operator in over 18 countries and a partner in the joint venture for Central Embassy.

Central Pattana(เซ็นทรัลพัฒนา)ℹ️

A luxury mall developer and manager, such as Central Phuket, and a partner in the joint venture for Central Embassy.

Hong Kong Land(ฮ่องกงแลนด์)ℹ️

A group of companies selling their shares in the Central Embassy 2 project to the joint venture.

Place

Central Embassy(เซ็นทรัล เอ็มบาสซี)ℹ️

A luxury shopping center project in central Bangkok that has operated for over 12 years.

Park Hyatt Bangkok

A hotel that is excluded from the scope of the joint venture's investment.

Central Phuket(เซ็นทรัล ภูเก็ต)ℹ️

A luxury shopping center developed and managed by Central Pattana.

Bangkok(กรุงเทพฯ)ℹ️

The location of the Freehold mixed-use mega landmark project.