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The Singapore-based investment company, Prima Asset Management, has purchased the freehold commercial property located in Bangkok, Thailand. In a press release, Prima Asset Management announces the acquisition, Prime says that its VCC Investment Fund, managed by First Degree Global Asset Management has assisted in the purchase of the real property asset. Capital Solution Asia, a Bangkok company with its headquarters in Bangkok was enlisted as an advisor for local due diligence in real estate as well as transaction management.
Although the investment company did not provide the price of the property but the property has a reported net development value of THB1.25 billion ($48.33 million). The property is situated at No. 7 and 7/1 on Ramkhamheang Road in Saphansung Subdistrict and is comprised of around 250,000 square feet of office, showroom as well as delivery and service space. The property is lease to Tesla Motors through a triple net lease.
“The strategic purchase of this prime property not only demonstrates our commitment to the burgeoning South East Asian real estate market, but also puts us at the forefront of the expanding EV market,” says Prima CEO Ben Hall. Other partners who backed this acquisition include a group of family offices, institutional investors and high-net-worth individuals such as Baksh Capital, Fraxtor and Thakral Corp.
Prima claims it is planning to acquire another $100 to $250 million worth of real estate assets in the next three years. This is due to the encouragement of its investors, which includes family offices and wealthy individuals, who encourage the company to pursue a pipeline of similar deals’.
Prima says it is planning to renovate its new Bangkok asset to increase its long-term value and meet Tesla’s operational demands. Prima claims it is looking for similar value-add deals in order to alleviate macroeconomic issues, such as price of debt, inflation, and construction costs.