Future Park Leasehold Property Fund
FUTUREPF.BK
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- Future Park Leasehold Property Fund (FUTUREPF.BK) operates as a closed-end property fund that invests in leasehold rights for portions of the Future Park Rangsit shopping complex, located at No. 94 Phaholyothin Road, Prachathipat Sub-district, Thanyaburi District, Pathum Thani Province, Thailand. The fund holds leasehold rights to approximately 56,822.26 square meters of retail space not subject to long-term leases with upfront payments, including shops across multiple floors (B-Floor to 3-Floor), mini-anchor tenants, and 8,709.92 square meters of income-generating common areas such as kiosks, ATMs, promotion spaces, temporary areas, vending machines, and exterior wall surfaces for advertising; it derives benefits primarily through fixed rentals, gross profit sharing, service charges, and other revenue streams from tenants in categories like cinemas, fitness centers, food and beverage outlets, fashion, health and beauty, computers, and mobile phones. Founded on November 23, 2006, with an initial public offering on November 24, 2006, and a capital increase on December 26, 2012, the fund is managed by BBL Asset Management Co., Ltd., supervised by Krung Thai Bank Public Company Limited, and headquartered at 175 Sathorn City Tower, South Sathorn Road, Bangkok, Thailand. The fund's lease terms extend from the initial investment through December 31, 2026, with the capital increase portion running from January 1, 2027, to December 31, 2041, providing a weighted average lease expiry of 18 years as of December 31, 2023; it targets retail tenants with a tenant mix featuring 78% fixed rental and 22% revenue-sharing agreements, 68% of which have terms over one year but not exceeding three years. Operations focus on the Thai retail market, serving diverse customers at this comprehensive five-storey department store (plus underground floor and parking for 8,000 cars), with Rangsit Plaza Co., Ltd. acting as property manager; the fund maintains high occupancy (around 95-96% in 2023) and footfall of approximately 145,000 visitors per day. As of December 31, 2023, net assets stood at THB 5,635.46 million, with a market capitalization of THB 6,301.84 million and a dividend policy paying at least 90% of adjusted net profit at least twice annually. In a major strategic shift, BBL Asset Management announced on September 23, 2024, the dissolution of FUTUREPF following approval by the Securities and Exchange Commission to convert into Future City Leasehold Real Estate Investment Trust (FUTURERT); on October 1, 2024, assets and liabilities transferred to FUTURERT, with unitholders swapping 1:1 for trust units, delisting from the Stock Exchange of Thailand by October 7, 2024, and full liquidation targeted within 90 days thereafter. This reorganization extends the investment structure while maintaining focus on the Future Park Rangsit leasehold rights, appraised at THB 5,283 million as of December 31, 2023, by CBRE (Thailand) using the income approach. No other significant acquisitions, partnerships, or funding rounds were reported in the prior 1-2 years.