CPN Retail Growth Leasehold REIT : Notification of the Asset Appraisal Value of CPN Retail Growth Leasehold REIT
August 07, 2022 at 09:54 pm EDT
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CPNREIT 2022/08005
8 August 2022
Re:
Notification of the Asset Appraisal Value of CPN Retail Growth Leasehold REIT
To:
President of the Stock Exchange of Thailand
Enclosure:
Details of the Asset
CPN REIT Management Company Limited (the "REIT Manager") as the REIT Manager of CPN Retail Growth Leasehold REIT ("CPNREIT") would like to notify the appraisal details of the assets of CPNREIT for the second quarter of 2022 ended 30 June 2022. (Details are in the Enclosure)
Please be informed accordingly.
Your faithfully,
- Pattamika Pongsurayamas-
(Ms. Pattamika Pongsurayamas)
Chief Executive Officer
CPN REIT Management Company Limited
Enclosure 1
Details of Asset
Project
Details
Central Rama 2
Central Rama 3
Central Pinklao
Pinklao Office Building
Tower A & Tower B
No. 160 Rama 2 Road, Samae
No. 79, 79/1-79/2,79/4-79/33 Sathu
No. 7/3-7/128,7/129-7/221,7/222-7/552 and 7/553,
Location
Dam Sub-district, Bang Khun
Pradit Road, Chong Nonsi Sub-
Borommaratchachonnani Road, Arun Ammarin Sub-
Thian District, Bangkok
district, Yannawa District, Bangkok
district, Bangkok Noi District, Bangkok
Gross Area (SQ.M.)
251,182
169,740
137,692
50,653
Leasable Area (SQ.M.)
85,156
36,028
27,689
34,096
Parking Area (SQ.M.)
98,813
90,186
66,118
Land's Leasehold Right
For 20 years,
For 30 years,
For approximately 15 years,
and expires on 15 August 2025
and expires on 15 August 2035(2)
and expires on 31 December 2024
Building's Leasehold Right and/or
For 20 years,
For 30 years,
For approximately 15 years
Building's Sub-leasehold Right
and expires on 15 August 2025(1)
and expires on 15 August 2035(2)
and expires on 31 December 2024
Date of Valuation
30 June 2022
30 December 2021
30 December 2021
Fair value (Bt mn)
26,350
12,753
2,625
579
Appraiser
Quality Appraisal Co., Ltd
Appraisal Method
Income Approach
The registration of the leasehold rights over the real property in the Central Rama 2 (Renewal) was completed on 31 Mar 2020 and the lease term is 30 years (until 15 Aug 2055). In this regard, CPNREIT will proceed with seeking sources of funds for rental payment in 2025.
The right to renew the lease agreement for 2 further terms of 30 years each
Page 1
Enclosure 1
Details
Project
Central Chiangmai Airport
Central Pattaya
Hilton Pattaya Hotel
The Ninth Towers Office Building
No. 2 Mahidol Road, 252-252/1
No.333/99 and 333/101 Moo 9 Pattaya 1 Road,
No. 33/4, Rama 9 Road, Huaykwang
Location
Wualai Road, Haiya Sub-district,
Nong Prue, Bang lamung, Chonburi
Sub-District, Huaykwang District,
Mueang District, Chiangmai
Bangkok
Gross Area (SQ.M.)
122,991
70,095
49,686
95,997
Leasable Area (SQ.M.)
37,073
29,169
15,182
59,150
Parking Area (SQ.M.)
44,142
14,930
572
27,206
Land's Leasehold Right
For 30 years,
-
-
and expires on 22 April 2044
Building's Leasehold Right and/or
For 30 years
For approximately 20 years
For approximately 27 years
Building's Sub-leasehold Right
and expires on 22 April 2044
and expires on 31 August 2037
and expire on 18 April 2047
Date of Valuation
30 December 2021
30 December 2021
30 December 2021
30 December 2021
Fair value (Bt mn)
10,435
7,279
3,668
5,860
Appraiser
Quality Appraisal Co., Ltd
Appraisal Method
Income Approach
Page 2
Enclosure 1
Project
Details
Unilever House Office Building
Central Marina
Central Lampang
No. 161, Rama 9 Road, Huaykwang,
No. 78/54 and 78/12 Moo 9, Pattaya Sai
No. 319, Super Highway Road, Lampang-Ngao
Location
Sub-Distruct, Huaykwang District,
2 Road, Nong Prue Sub-District,
Road, Suan-DokSub-District, Mueang
Bangkok
Banglamung District, Chonburi Province
Lampang District, Lampang Province
Gross Area (SQ.M.)
30,176
45,149
45,716
Leasable Area (SQ.M.)
18,527
15,453
16,080
Parking Area (SQ.M.)
10,035
15,959
13,993
Land's Leasehold Right
-
-
-
Building's Leasehold Right and/or
For approximately 15 years
For approximately 14 years
For approximately 20 years
Building's Sub-leasehold Right
and expire on 14 November 2034
and expires on 30 April 2035
and expires on 16 December 2041
Date of Valuation
30 December 2021
30 December 2021
30 December 2021
Fair value (Bt mn)
1,356
2,188
2,934
Appraiser
Quality Appraisal Co., Ltd
Appraisal Method
Income Approach
Page 3
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Disclaimer
CPN Retail Growth Leasehold REIT published this content on 08 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2022 01:53:01 UTC.
CPN Retail Growth Leasehold REIT (the Trust) is a Thailand-based closed-end real estate investment trust. The Trustâs objectives are to raise funds and mainly use funds to invest in properties or leasehold properties and seeks benefits from such properties. The Trust is engaged in investing in seven shopping malls, which are Central Rama II, Central Rama III, Central Pinklao, Central Chiangmai Airport, Central Pattaya, Central Marina and Central Lampang. The Trust is engaged in investing in three office buildings, which are Pinklao Tower A & Tower B, The Ninth Towers and Unilever House. The Trust invests in one hotel, Hilton Pattaya. The Companyâs subsidiaries include CPN REIT Management Company Limited, SCB Asset Management Company Limited, The Siam Commercial Bank Public Company Limited, SCB Securities Company Limited, Central Pattana Rama 2 Company Limited, Central Pattana Rama 3 Company Limited, Central Pattana Chiangmai Company Limited and other.
CPN RETAIL GROWTH LEASEHOLD REIT 
