"CPN Retail Growth Property Fund" or "CPNREIT" continues to reinforce the strength of its high-quality asset portfolio through a major transformation of Central Pinklao and Central Chiang Mai Airport, reflecting a proactive investment strategy aimed at enhancing asset value and providing stable returns to trust unit holders. This also builds confidence among retail partners to invest and expand their businesses for long-term growth.

Ms. Patmika Pongsuraymas, CEO of CPN REIT Management Co., Ltd., the manager of CPNREIT, stated, "The successful grand opening of Central Pinklao and Central Chiang Mai Airport reflects CPNREIT's asset management strategy that delivers strong and continuous performance. We see the potential of both locations to create added value, so we have moved forward with improvements and upgrades to the assets to drive future revenue growth. Following the transformation, we received overwhelming responses from customers, instilling confidence in retail partners to invest and grow their businesses together in the long term, reinforcing CPNREIT's role as the leader in retail property investment trusts with the largest market value in Thailand."

Major Transformations of Two Assets Elevating Portfolio Value Continuously

CPNREIT reflects the concept of sustainable trust fund management through continuous asset development. Each transformation enhances the structural quality of the assets to strengthen the trust fund, as demonstrated by two assets:

Central Pinklao is a Class A asset with top-tier profitability targeting the New Wealth consumer base, generating stable and continuous income from its District Leadership location on the western side of Bangkok, an area with ready infrastructure and high-quality purchasing power. With an investment budget of no more than 1.1 billion baht, it underwent a significant transformation after more than three decades to become a comprehensive lifestyle center, revamping every floor with a tenant mix of over 500 leading brands. The Central Group has elevated it to Next Gen Retail, complemented by Magnet Brands that cater to the lifestyle of every generation. At the same time, the food zone has been upgraded to a top-tier Food Destination in the country, featuring over 200 renowned restaurants, from Michelin-starred establishments to the best street food and food patios in the area. With the concept of 'The New Soul of Pinklao,' it has created a new traffic high of 80,000 visitors per day, along with income from office buildings that help diversify risk.


Central Chiang Mai Airport reflects long-term growth potential from its prime location near the airport and key economic areas of Chiang Mai, the economic and tourism hub of Northern Thailand. With an investment budget of no more than 806 million baht, the shopping center has undergone a major transformation in both master planning and its new mixed-use image, attracting quality tourists by expanding the 'Kad Luang' area to accommodate Michelin-level local food restaurants and over 100 souvenir shops. Additionally, it has strengthened its tenant mix with over 350 leading global and local brands, including highlight brands making their debut in the North to support the expanding catchment area and continuously growing purchasing power.

CPNREIT is moving forward with its long-term growth strategy, aiming to enhance the potential of shopping centers in its portfolio and continuously increase asset value, with a goal to double its asset size by 2032 to create stable and sustainable returns for trust unit holders.

Currently, CPNREIT owns and invests in high-potential assets, comprising 7 shopping centers: Central Pinklao, Central Chiang Mai Airport, Central Rama 2, Central Rama 3, Central Pattaya, Central Marina, and Central Lampang; 4 office buildings: Pinklao Tower A and B, The Nine Towers, and Unilever House; and 1 hotel: Hilton Pattaya.

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