WHART Trust has successfully closed the subscription for a new bond issue worth up to 850 million baht, offered to institutional investors and/or high-net-worth individuals. The bonds were fully subscribed, reflecting overwhelming demand with a fixed interest rate of 3.42% per annum. Meanwhile, Tris Rating has assigned a credit rating of “A (Stable)” to the bonds, reaffirming the stability of Thailand's largest industrial trust.

Mr. Anuwat Jarukornsakul, Chief Executive Officer of WHA Real Estate Management Co., Ltd., as the manager of the WHA Premium Growth Real Estate Investment Trust (WHART), revealed that the trust successfully offered the new bond issue worth up to 850 million baht to institutional and high-net-worth investors. The subscription period was open from January 25-26 and 29, 2024, with UOB Bank Public Company Limited as the underwriter. The response from investors was overwhelming, even during a period of volatility in the bond market and low investor confidence, with subscriptions exceeding 2 billion baht, 2.5 times the amount offered, reflecting confidence in the trust's fundamentals.

“The WHART Trust has issued non-subordinated, unsecured bonds with a total value of up to 850 million baht, maturing in 2 years, 11 months, and 30 days, with a fixed interest rate of 3.42% per annum. Interest payments are scheduled every three months on January 29, April 29, July 29, and October 29 each year throughout the bond's term, with the first interest payment due on April 29, 2024, and the final interest payment on the bond's maturity date.”

As of now, WHART Trust has been rated for creditworthiness, with Tris Rating assigning a rating of “A” with a “stable” outlook on January 12, 2024. Additionally, Tris Rating has rated the new non-subordinated, unsecured bonds worth up to 850 million baht, maturing in no more than 3 years, at the same “A” level. The proceeds will be used to repay existing bonds maturing in February 2024.

The “A” rating with a “stable” outlook reflects the trust's potential and stability, including growth from additional property investments each year, as well as the quality of assets located in prime areas such as Bangna-Trad Road in the Eastern Economic Corridor (EEC) to the north and west of Bangkok. The trust has a well-diversified tenant base across various nationalities and industries, along with continuously growing revenue and profits. Furthermore, the trust maintains a manageable level of financial debt and strong cash flow for debt servicing.

Moreover, WHART Trust has shown consistent growth in its operations each year. In the first nine months of 2023, the trust reported total revenue of 2,560.91 million baht, representing a growth of 9.6% compared to the same period last year, with net assets increasing to 1,713.86 million baht. Currently, WHART Trust has total assets valued at 55 billion baht, with key assets including warehouses, distribution centers, and factory buildings, managing approximately 1.89 million square meters of leased space, making it the largest industrial trust in Thailand.