“CPN Retail Growth Property Fund” or “CPNREIT” reinforces its success as the largest retail trust in Thailand with a high-quality asset portfolio comprising 12 projects, including shopping centers, office buildings, and hotels in prime locations in Bangkok and tourist cities. The concept of “Co-Create Center of Life” aims to elevate it to a “center of living,” boosting traffic and tenants, maintaining an average occupancy rate of 91%.

Ms. Naparat Sriwanwittaya, Director of CPN Retail Growth Management Co., Ltd., the manager of CPNREIT, revealed that CPNREIT is the largest retail trust in Thailand (as of September 30, 2023) with a net asset value exceeding 91.9 billion baht. The portfolio includes a diverse range of assets in prime locations across Bangkok and other provinces, comprising 12 projects:
1) Investment in the lease rights of 7 Central shopping centers, including Central Rama 2, Central Rama 3, Central Pinklao, Central Chiang Mai Airport, Central Pattaya, Central Lampang, and Central Marina (Pattaya), with a total rental area of 252,840 square meters.
2) 4 office buildings, including Pinklao Tower A, Pinklao Tower B, The Nine Towers, and Unilever House, with a total rental area of 111,541 square meters.
3) 1 hotel, Hilton Pattaya, with 304 rooms.

CPNREIT continues to drive growth, with Central Pattana Public Company Limited, both the sponsor and major unitholder, preparing by regularly upgrading and developing shopping center spaces, such as renovation plans for Central Pinklao and Central Chiang Mai Airport. They also introduce new service formats and continuously organize events within the shopping centers to attract locals and tourists, focusing on being a space for community engagement in family life under the concept of “Co-Create Center of Life.” This aims to be a destination for every family, a dining destination, and a fashion hub, catering to all lifestyles with excellent service, creating a valuable experience beyond online shopping. As a result, the shopping centers and office buildings owned by CPNREIT maintain a high average occupancy rate of 91% (as of Q3 2023), underscoring the strong management by Central Pattana Public Company Limited, which manages over 40 shopping centers, providing opportunities for future investments to generate stable income and returns for unitholders in the long term.

Ms. Naparat further stated that the current economic situation is primarily driven by the recovering tourism sector, which is expected to welcome no less than 36.7 million foreign tourists in 2024, generating over 3.5 trillion baht in revenue. The government aims to position Thailand as a Tourist Hub, promoting tourism through events to leverage strengths in Soft Power, particularly F-Festivals, as a tool to boost tourism during the year-end period. Central Pattana, with shopping centers across the country, plays a crucial role in supporting this policy and is expected to help position Thailand among the top destinations for global tourists during the New Year celebrations.

Plans are underway for activities in the final quarter of 2024 to stimulate the economy in collaboration with the Tourism Authority of Thailand and leading partners, launching the campaign “The World’s Great Celebration 2025.” This will transform shopping centers nationwide into a Santa Village Themed Park Experience, the first of its kind in Thailand, from November 1, 2024, to January 5, 2025, reinforcing the strength of utilizing shopping center spaces as a landmark for celebrating happiness across the country. CPNREIT shopping centers are set to host numerous special year-end events, such as the Santa Fun Run and Christmas Carol. Additionally, local pride will be showcased through 11 Local Pride Christmas Trees across 5 regions of Thailand, in collaboration with the Tourism Authority of Thailand, highlighting the beauty of local identities through crafted Christmas trees, which are expected to increase visitor traffic by 25-30%.