S Buys Metropolis Building with ฿1,700M of Investment to Join SPRIME REIT
Singha Estate has purchased Metropolis Office Building with a value of 1,725 million baht.
Naris Cheyklin, Chief Executive Officer of Singha Estate Public Company Limited (S) revealed that the office building business in the city center will strengthen the company’s portfolio thus Singha Estate has an agreement with Fenix Power Company Limited of purchasing Metropolis Office Building, which located at 725 Sukhumvit Road, Khwaeng Khlong Tan Nuea, Khet Watthana, Bangkok on January 10, 2020 with a purchase value of 1,725 million baht.
Singha plans to grant long-term lease of the Metropolis Office Building and its other assets to S Prime Growth Leasehold Real Estate Investment Trust.
The purchasing of Metropolis is one of investment strategies that focus on increasing a business distribution to recurring income business, to reduce fluctuations from economic effects. Moreover the Metropolis building is located in a good location, Phrom Phong area, with elegant design. Since all conditions of its building and the economic trend, it will strengthen the company’s growth and stability in a long-period.