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Central Group and CPN Joint Venture for Central Embassy Mega Project

Central Group and CPN Joint Venture for Central Embassy Mega Project

MGR Online•Economy•41m ago

Reader Briefing

Central Group and Central Pattana have announced a joint venture to develop the Central Embassy project and its extension into a super-luxury mega mixed-use landmark.

  • •Central Group and Central Pattana formed a joint venture with a 51:49 ownership ratio.
  • •The total investment value for the project exceeds 83,000 million baht.
  • •The project integrates the current Central Embassy and a new extension called Central Embassy 2.
  • •The total gross building area (GBA) will be 600,000 square meters.

Overview

  • •Central Group and Central Pattana established a joint venture with a 51:49 ratio to invest in Central Embassy and its future extension, Central Embassy 2.
  • •The total investment for the project is valued at over 83,000 million baht.
  • •The joint venture will acquire all shares from Hong Kong Land in the Central Embassy 2 project, increasing its ownership stake from 51% to 100%.
  • •The joint venture will invest in a 30-year long-term lease of the current Central Embassy, excluding the Park Hyatt Bangkok hotel.
  • •The current Central Embassy has an area of 150,000 square meters, while Central Embassy 2 will add 450,000 square meters.
  • •Central Embassy has operated for over 12 years with an occupancy rate exceeding 90% and revenue growth of over 10% per year over the last 5 years.
  • •The investment aims to strengthen the real estate business and expand the luxury portfolio of Central Group and Central Pattana.
  • •The project is located on high-potential freehold land in the center of Bangkok.

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Key Entities

Organization

Central Group(กลุ่มเซ็นทรัล)ℹ️
A company that manages luxury retail in over 18 countries and 140 cities worldwide.
Central Pattana(บริษัท เซ็นทรัลพัฒนา จำกัด (มหาชน))ℹ️
A developer and manager of luxury shopping centers, including Central Phuket.
Hong Kong Land(ฮ่องกงแลนด์)ℹ️
A group from which the joint venture will acquire all shares in Central Embassy 2.

Place

Central Embassy(เซ็นทรัล เอ็มบาสซี)ℹ️
A luxury shopping center project in central Bangkok that has operated for over 12 years.
Central Embassy 2(เซ็นทรัล เอ็มบาสซี 2)
A new project extension located on Wireless Road and Soi Somkid in Bangkok.
Park Hyatt Bangkok
A hotel that is excluded from the scope of the joint venture investment.
Bangkok(กรุงเทพฯ)ℹ️
The city where the Central Embassy projects are located.
Central Phuket(เซ็นทรัล ภูเก็ต)ℹ️
A luxury shopping center developed and managed by Central Pattana.