Prima Asset Management acquires Tesla-leased property in Bangkok, GDV worth $48.33 mil
By Timothy Tay
/ EdgeProp Singapore |
The property comprises approximately 250,000 square feet of showroom, office, service and delivery space. The property is leased to Tesla Motors through a triple net lease.
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SINGAPORE (EDGEPROP) - The Singapore-based investment firm, Prima Asset Management, has acquired a freehold commercial property in Bangkok, Thailand. In a press release announcing the move, Prime says that its VCC Investment Fund, managed by First Degree Global Asset Management, facilitated the acquisition of the real estate asset. Capital Solution Asia, a Bangkok based company, was engaged as an advisor regarding local real estate due diligence and transaction management.
While the investment firm did not disclose the property's price, the property reportedly has a gross development value of THB1.25 billion ($48.33 million). It is located at No. 7 and 7/1, Ramkhamheang Road in Saphansung Subdistrict, and comprises approximately 250,000 sq ft of showroom, office, service and delivery space. The property is leased to Tesla Motors through a triple net lease.
“The strategic acquisition of this prime property not only signifies our focus on the burgeoning South East Asian real estate market but also positions us on the frontline of the growing EV market," says Prima CEO Ben Hall. Other partners that supported this deal include a consortium of institutional investors, family offices, and high-net-worth individuals like Baksh Capital, Fraxtor and Thakral Corp.
Prima says it is gearing up to acquire an additional $100 - $250 million of real estate assets over the next three years. This comes as encouragement from its investor base of family offices and high net-worth individuals pushes them to pursue a ‘pipeline of similar deals’.
The firm says it plans to refurbish its new Bangkok asset to enhance the property’s long-term value and meet Tesla’s operational requirements. Prima says it seeks similar value-add deals to mitigate macroeconomic challenges, including inflation, debt pricing and construction cost.
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