Thai Firm Launches 1st Retail REIT

Lombard Investments Inc., San Francisco, has announced that Central Pattana PCL, a developer and operator of malls and office buildings in Thailand, has launched the first retail real estate investment trust in that country.The fund, CPN Retail Growth Property Fund, will raise approximately 11 billion baht (US$265 million) from local retail and institutional investors through an initial public offering that will run through Aug. 9, Lombard said. Central Pattana will buy 33% of the total issued investment units of the fund. Proceeds from the fund's IPO will be used to buy certain buildings and leasehold rights on two shopping malls. Lombard said its Thailand Equity Fund has invested approximately US$24 million in Central Pattana to finance various acquisitions. Lombard can be found online at http://www.lombardinvestments.com.