WHA Premium Growth Real Estate Investment Trust (WHART) plans a fourth capital increase worth a combined 4.88 billion baht to invest in five industrial and logistics projects.
The fund is managed by WHA Real Estate Management Co (WHAREM).
Narumol Tantayawit, chief executive of WHAREM, said it already filed with the Securities and Exchange Commission to sell the WHART unit offering.
"Investors can subscribe to the units in December, with a good response expected from local and overseas investors because of the trust's size and market capital," she said.
Of the five projects, three are freehold properties and two are leasehold properties. They are located in Samut Prakan and Chon Buri, covering 172.5 rai.
The building areas of the five projects total 155,237 square metres with an occupancy rate of 91%.
Tenants of those five projects are well-known companies: Unilever, Hitachi, Draexlmaier, Rochling, JD Central and Shopee.
The fourth capital increase will bring the total building areas of WHART to 1.283 million sq m, up from 1.128 million sq m.
The total projects of the trust number 29 in the central and eastern provinces.
Ms Narumol said WHART's assets under management will rise from 33.2 billion baht to 38.3 billion with the capital increase.
"WHART will soon become one of the top three largest trusts by asset value and market capital," she said.
The trust has both freehold and leasehold properties, with tenants including logistics service providers, consumer products, home supplies, manufacturing facilities and data centres.
Moreover, the trust has new leasehold properties from e-commerce operators accounting for 5% of WHART's revenue after the latest capital increase, up from 1% now.
Ms Narumol said half of leasehold tenants have already renewed rental contracts while another 26% have agreed to renew contracts. The remaining 24% are in talks for renewals.
Kasikornbank (KBank) is WHART's financial adviser.
Raveeratana Satchavarodom, KBank's head of investment banking, said the trust has benefited from many industrial companies that buy and rent built-to-suit factories at WHART's 29 projects.
The central and eastern regions are flagship locations for industrial operators.
The trust's revenue comes from long-term leasehold properties, accounting for 33% of total revenue. Some 67% of revenue is from freehold properties, mainly located in industrial locations near Suvarnabhumi airport, the Eastern Economic Corridor and Laem Chabang seaport.
Ms Raveeratana said the trust's return on investment averages 4.4% a year, higher than the interest on a bank deposit.
WHART was listed on the Stock Exchange of Thailand in 2014 with initial industrial properties of 167,107 sq m to be sold to the trust.