News
Golden Ventures REIT announces strong FY2022 performance
- Achieved average occupancy rate at 92%, higher than the market average
- 4Q distribution at 0.1911 baht per unit, with FY2022 accumulated distribution of 0.7791 baht per unit
BANGKOK, 25 NOVEMBER 2022
Frasers Property Commercial Asset Management (Thailand) Company Limited (“FPCAMT”), the manager of Golden Ventures Leasehold Real Estate Investment Trust (“GVREIT”), announced GVREIT’s operating performance for the end of the fiscal year as of 30 September 2022, with total investment revenue of 1,135.18 million baht and net investment revenue of 736.96 million baht, resulting in a net investment profit to total revenue of more than 64%.
GVREIT’s fourth quarter distribution payment for the 1 July to 30 September 2022 period is at 0.1911 baht per trust unit, represents a total return of over 155.70 million baht and will be payable on 23 December 2022. Based on performance throughout fiscal year 2022, GVREIT distribution achieved an accumulated distribution of 0.7791 baht per trust unit that will be paid four times inclusive of the latest quarter.
Ms. Chantraporn Chan, Managing Director of Frasers Property Commercial Asset Management (Thailand) Company Limited, said: “In 2022, FPCAMT well managed the REIT in line with the formulated plans and strategies. As a result, the REIT maintained an average occupancy rate at about 92%, higher than the market average occupancy rate of 87%. As of the end of September 2022, the average occupancy rates of the REIT's two developments, Park Ventures Ecoplex and Sathorn Square, were at 97% and 90% respectively.”
In 2022, the REIT participated in the GRESB evaluation of the energy efficiency, sustainability, and environmental quality of the two buildings to promote the REIT’s management under a business operations framework that considers environmental, social and governance (ESG) efforts, and the BSA Building Safety Awards 2022 to ensure the maintenance of a strong safety system while incorporating improvements. Both projects have been awarded Platinum status. Moreover, TRIS Rating recently affirmed an issuer rating for GVREIT at A- with a stable ratings outlook.
“Looking ahead to 2023, the commercial office business continues to shift away from the hybrid work model, with many leading companies showing strong demand for office space. Moreover, work areas can be modified to suit current working styles. This will push commercial real estate to innovate towards more flexible workspaces that better meet the future needs of tenants. As REIT Manager of GVREIT, we are closely monitoring evolving trends and the market, and will conduct strategic planning and effective management to prioritise unitholders’ best interests for sustainable returns.”
