The operator of Central World, Bangkok’s largest shopping mall complex, is always looking for asset purchases, be it brown, greenfield or new industry projects, CEO Wallaya said.
BANGKOK: Central Pattana Pcl is open to acquiring assets that fits well with its strategy of housing retail, residential and office spaces at a single location as the mall developer pushes ahead with a 135 billion baht (US$3.9bil or RM17.7bil) expansion.
The operator of Central World, Bangkok’s largest shopping mall complex, is always looking for asset purchases, be it brown, greenfield or new industry projects, Central Pattana’s president and chief executive officer Wallaya Chirathivat said. The developer will also look to transfer more assets to real estate investment trusts to raise funds for expansion, she said.
The company, founded by the billionaire Chirathivat family that also runs Central Retail Corp and co-owns Selfridges & Co, is spending 135 billion baht (RM17.4bil) under a five-year plan, to increase the net leasable retail area by 17% to 2.7 million sq m, an eightfold increase in hotel rooms and more than doubling the number of residential projects to 70 by 2027.
The five-year capital expenditure plan excludes any mergers and acquisitions and is subject to changes, according to the company. Central Pattana acquired companies including Siam Future Development Pcl and Grand Canal Land Pcl the past five years, while also investing in Dusit Thani Pcl and forming a joint venture with Hong Kong Land Holdings Ltd.
“We are looking for all kinds of opportunities,” Wallaya, 61, said in an interview. “Mergers and acquisitions have to enhance our existing business.
If it’s a new industry then it has to be within our ecosystem or create synergy among the premises of our business.”Central Pattana’s mega projects will span over five to 10 years, with each comprising over 350,000 sq m at investment of more than 20 billion baht (RM2.6mil) each, Wallaya said.
Dusit Central Park, a 36.7 billion baht (RM4.7mil) joint venture with Dusit Thani, is one of the mega projects, while details of the others will be divulged gradually, she said. — Bloomberg
