DLA Piper advises TISCO Bank Public Company Limited on debut REIT IPO financing

DLA Piper has successfully advised TISCO Bank Public Company Limited (TISCO) on its first Real Estate Investment Trust (REIT) IPO financing for Prospect Logistics and Industrial Leasehold REIT (PROSPECT). This is also the first REIT IPO to be listed on the Stock Exchange of Thailand (SET) since the COVID-19 outbreak began.

TISCO is a leading financial services group, offering financial products and banking services to retail, SME and corporate clients. It was the first investment bank in Thailand, established in 1969, and has since pioneered several financial services, enabling it to serve the increasing needs of the growing Thai economy, and by extension create opportunity in the Thai community.

Established in 2019, PROSPECT is a Thai real estate investment trust which primarily invests in property located in metropolitan areas such as industrial buildings, offices, retail, hospitality and residential premises. PROSPECT will invest in leasehold rights for just under 20 years in properties located in various industrial areas, including the Bangkok Free Trade Zone, located in Samutprakarn, Thailand.

DLA Piper’s Finance partner Waranon Vanichprapa, who led the team advising on the transaction, commented: “We are delighted to have supported TISCO on its debut REIT IPO financing. This was a successful landmark transaction which was completed during a particularly challenging period and demonstrates our clients’ trust in our Thai banking practice. The optimism shown by investors since the first trading day on 20 August signals a high level of confidence in the Thai real estate industry.”

The DLA Piper team was led by Finance partner Waranon Vanichprapa, supported by senior associate Dhanipa Hongspanij and associate Sarita Prukaroon, all based in Bangkok. PROSPECT was represented by law firm Chandler MHM Limited.