Dusit Thani Freehold and Leasehold Real Estate Investment Trust : Investment in the Additional Investment Immovable Properties of the Additional Investment Assets No. 2 in the Dusit Thani Hua Hin Hotel's Extension Project of Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT)
June 24, 2022 at 06:36 am EDT
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DREIT-0601/2022
24 June 2022
Subject: Investment in the Additional Investment Immovable Properties of the Additional Investment Assets No. 2 in the Dusit Thani Hua Hin Hotel's Extension Project of Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT)
Attention: The President
The Stock Exchange of Thailand
Reference is made to the information, disclosed by Dusit Thani Properties REIT Company Limited (the "REIT Manager") as the REIT Manager of Dusit Thani Freehold and Leasehold Real Estate Investment Trust ("DREIT"), regarding the entering into the agreements relating to investment in and procurement of benefits from the leasehold right of immovable properties (the "Additional Investment Immovable Properties") and the leasehold right of movable properties (the "Additional Investment Movable Properties") in the Dusit Thani Hua Hin Hotel's Extension Project (the "Additional Investment Assets No. 2"), an under-construction project, i.e., (1) the lease agreement of immovable properties with Dusit Thai Properties Public Company Limited ("DTPP") (2) the lease agreement of movable properties with DTPP (3) the sublease agreement of properties with Dusit Management Company Limited ("DMCO") and (4) the undertaking agreement with Dusit Thani Public Company Limited, whereby the lease of the Additional Investment Assets No. 2 from DTPP and the sub-letting of the Additional Investment Assets No. 2 to DMCO will commence only when all the conditions stipulated in such relevant agreements have been duly completed, the details of which are as provided in the Notification Letter No. DREIT-0403/2022 dated 22 April 2022.
The REIT Manager would like to inform the trust unitholders that on 24 Jun 2022, DREIT has commenced the lease of the Additional Investment Immovable Properties under the agreement of immovable properties from DTPP and has paid some of the rent to DTPP. However, the lease and the payment of rent of the Additional Investment Movable Properties under the lease agreement of movable properties with DTPP and the sub-letting and the receiving of payment of rent of the Additional Investment Assets No. 2 under the sublease agreement of properties with DMCO as well as the payment of all the remaining rent of the Additional Investment Immovable Properties under the lease agreement of immovable properties with DTPP will only commence or occur when the renovation of the Additional Investment Immovable Properties have been completed and are ready to procure benefits.
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When the renovation of the Additional Investment Immovable Properties have been completed and are ready to procure benefits, the REIT Manager will further inform the trust unitholders.
Please be informed accordingly
Yours respectfully,
(Ms. Phaphatkorn Chitsakdanon)
Director of Asset Management and Operation Support
Dusit Thani Properties REIT Company Limited
as the REIT Manager of Dusit Thani Freehold and Leasehold
Real Estate Investment Trust
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Dusit Thani Freehold and Leasehold Real Estate Investment Trust published this content on 24 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 June 2022 10:35:02 UTC.
Dusit Thani Freehold and Leasehold Real Estate Investment Trust (the Trust) is a closed-end real estate investment trust. The Trust is focused on investing in high potential freehold or leasehold properties especially in hotel properties, as well as investing in other assets that favor hotel-related business, such as meeting and convention room, restaurants, fitness center, spa, swimming pool, tennis court and other. It seeks to acquire the core assets by either purchase and/or lease and/or sub-lease, either direct investment or share acquisition of the companies, aiming to generate benefits in a form of rental income or any related income, as well as initiating asset enhancement program to uplift asset potentiality in order to generate long-term sustainable income. It will invest in other assets and/or other securities and/or any other returns pursuant to the Securities and Exchange Act and/or any other relevant laws in order to diversify investment to other different aspects.
Dusit Thani Freehold and Leasehold Real Estate Investment Trust : Investment in the Additional Investment Immovable Properties of the Additional Investment Assets No. 2 in the Dusit Thani Hua Hin Hotel's Extension Project of Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT)