Abu Dhabi, UAEMonday 23 September 2019

Thailand’s tallest tower attracts investors’ cash

The Chao Phraya river in Bangkok, Thailand . The city's skyline is set to get a new addition with the arrival of the country's highest building. Chaiwat Subprasom / Reuters
The Chao Phraya river in Bangkok, Thailand . The city's skyline is set to get a new addition with the arrival of the country's highest building. Chaiwat Subprasom / Reuters

Goldman Sachs and Apollo Asia Sprint will invest 8.4 billion baht (Dh863.1 million) in a property development that includes Thailand’s tallest tower.

The proposed investment – a US$216m equity injection and $18.8m of financing – is expected to be completed within February 2017 subject to certain conditions, the building’s developer Pace Development said in a filing in Bangkok on Tuesday.

Goldman Sachs and Apollo Asia Sprint will be investing in two units of Pace and the proceeds will be used for the Bangkok development and completion of the – the MahaNakhon Tower – and an adjacent retail building. Some funds will be used to repay loans of the two subsidiaries.

MahaNakhon was opened last year and Pace says it’s the nation’s tallest building at 314 metres. The project includes luxury residences, a hotel, restaurants and retail stores. Goldman Sachs and Apollo Asia Sprint will own a combined 49 per cent stake in each of the two Pace units.

* Bloomberg

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Updated: January 10, 2017 04:00 AM

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