Bualuang Office Leasehold Real Estate Investment Trust
SSET:B-WORK6.00
THB
+0.05
(+0.84%)
Bualuang Office Leasehold Real Estate Investment Trust
SET:B-WORK
(Stock Exchange of Thailand)
Recent
price
6.00
P/E
ratio
8.46
div
yld
10.77%
ROIC.AI
Capital Structure
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in mil. unless spec.- Similar Companies
- Business
- Bualuang Office Leasehold Real Estate Investment Trust (B-WORK.BK) operates as a non-redeemable real estate investment trust focused on owning and leasing office leasehold properties in Thailand. The trust's core assets consist of 30-year leasehold rights over True Tower 1 and True Tower 2, two Grade A office buildings located in Bangkok's central business district along South Sathorn Road, generating revenue primarily from rental income, service charges including utilities and parking, and related facility management services; as of December 31, 2023, these properties had a combined appraised value of THB 4,250 million, with a weighted average lease expiry of 1.81 years and occupancy rate of approximately 92.3% across a tenant mix dominated by information and communication technology firms (55%), electronic components manufacturers (11.8%), and professional services providers (8%). Established on February 6, 2018, and listed on the Stock Exchange of Thailand, B-WORK is headquartered at 175 Sathorn City Tower in Bangkok's Sathorn district, with BBL Asset Management Company Limited serving as REIT manager, True Properties Company Limited as property manager, and Krungthai Asset Management as trustee. The trust targets corporate tenants in sectors such as technology, manufacturing, media, and professional services, operating exclusively within Thailand's Bangkok Metropolitan Region office market. In recent developments, B-WORK executed a capital reduction of THB 0.1050 per unit on December 12, 2023, totaling THB 38.72 million, following a prior reduction in 2018, which adjusted the par value per unit to THB 9.7107 while maintaining 368.8 million outstanding units. A major tenant group in True Tower 2, occupying 7,861 sq.m. or 31.4% of the project's leasable area, notified non-renewal of leases expiring end-2023, with an additional 49% of leases due in 2024 potentially impacting occupancy and performance into 2025; management responded by realigning leasing strategies amid competitive market pressures. Financially, the trust reported total income of THB 618 million for FY2023 (up 2.1% year-over-year), driven by service income growth despite a slight rental decline, alongside a long-term loan balance of THB 818.8 million with Bangkok Bank Public Company Limited at a floating rate not exceeding MLR-1%; no new acquisitions, partnerships, or funding rounds were announced in 2024-2025.