Mitihoon – Bangkok – CPN Retail Growth Leasehold REIT (CPNREIT), continues to reinforce the strength of its high-quality asset portfolio through the major transformation of Central Pinklao and Central Chiangmai Airport. This reflects a proactive investment strategy that focuses on creating added value for the assets and delivering sustainable returns to trust unitholders, while also strengthening confidence among retail partners to expand their businesses and achieve long-term growth
Ms. Pattamika Pongsurayamas, Chief Executive Officer of CPNREIT Management Co., Ltd., as CPNREIT trust manager, said: “The success of the grand re-opening of Central Pinklao and Central Chiangmai Airport reflects CPNREIT’s asset management strategy, which continues to deliver solid and consistent operating performance. Recognizing the potential of both locations to create future value, CPNREIT has proactively undertaken asset enhancement and upgrading initiatives to drive future revenue growth. Following the transformations, the projects have received an overwhelmingly positive response from customers, reinforcing retailer confidence to expand their investments and grow over the long term. This further affirms CPNREIT’s position as the largest retail-focused REIT by market capitalization in Thailand”
Major transformation of two assets to elavate portfolio value
CPNREIT reflects its commitment to sustainable trust management through continuous asset development. Every transformation upgrades the assets structurally to enhance the potential and strength of the trust, as reflected in two assets:
- Central Pinklao is a Class A asset with top-tier profitability that targets new wealth and generates stable, continuous income growth. Its prime location in a leading-district area on the west side of Bangkok boasts well-developed infrastructure and a high-quality purchasing power base. Under CPNREIT’s investment budget of less than 1.1 billion baht, the project has undergone a major transformation (the largest transformation in over three decades) to become a comprehensive lifestyle center. Every floor has been revamped, with a tenant mix of over 500 leading brands. Central Group has upgraded Central Pinklao to next gen retail, complemented by attractive brands that cater to a variety of diverse lifestyles. Meanwhile, the food zone has been upgraded to a top-tier food destination in the country, featuring over 200 well-known restaurants, from Michelin-starred restaurants and Thailand-first branches, to the best street food and food patios in the area, under the concept of ‘The New Soul of Pinklao’. The new Central Pinklao has generated a new high of 80,000 visitors per day in addition to income from office buildings that help diversify risk
- Central Chiangmai Airport enjoys long-term growth potential; the project boasts a prime location near the airport, the key economic zone of Chiangmai and the economic and tourism hub of Northern Thailand. Under a CPNREIT investment budget of below 806 million baht, the shopping centre has undergone a major transformation in both its Master Planning and its new mixed-use appearance to attract quality tourists by expanding the ‘Kad Luang’ area to accommodate over 100 Michelin-starred restaurants, local food vendors and souvenir shops. In addition, Central Chiangmai Airport has also strengthened its tenant mix with over 350 leading global and local brands, including highlight brands making their first debut in Northern Thailand to support the expansion of its catchment area and purchasing power that continues to grow
CPNREIT continues to pursue its long-term growth strategy, focusing on enhancing the potential of shopping centres within its portfolio and consistently increasing asset value. The trust aims to double its asset size by 2032 to deliver stable and sustainable returns for trust unitholders
CPNREIT is currently the owner and investor in potential assets comprising seven shopping centres: Central Pinklao, Central Chiangmai Airport, Central Rama 2, Central Rama 3, Central Pattaya, Central Marina, and Central Lampang; four office buildings: Pinklao Tower A and B, The 9th Towers and Unilever House; and one hotel: the Hilton Pattaya
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