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TMB launches luxury fund
Thailand Property Report
June 2008
TMB Asset Management has launched a Luxury Real Estate
Investment Fund (LUXF) to invest in the Six Senses
Hideaway Yao Noi, which opened last November in Phang Nga
Bay. The resort is owned by Pa Hoh Hotel, a company
controlled by the private equity firm GermingFrey and
Chinaves Sarasas, a former shareholder of GF Finance and
Securities.
TMBAM said the LUXF had originally been set to launch in
January, but title deed delays for the freehold resort had
resulted in the postponement. The resort owner would
invest 30% in the fund, which would have a total size of
1.99 billion baht.
LUXF offers investors a guaranteed return rate of six per
cent to 6.5 per cent for the first two years, with an
annual return of seven per cent for the following three
years. The fund has a dividend policy of two payments per
year covering 90 per cent of net profits.
The 54-villa resort reportedly boasts full occupancy, with
rates for a villa starting at Bt23,000 per night.
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