Frasers Property Thailand Inks Strategic Joint Venture with Mitsui Fudosan to Develop Smart Industrial and Logistics Parks in Thailand
26 April 2019
- Forges the strength of Frasers Property’s market leading position in Thailand and Mitsui Fudosan’s technology-led smart industrial and logistics experience and customers base in Japan.
- Aims to bring best-in-class design and build experience in the development of smart industrial and logistics parks in Bangpakong and Wangnoi.
- Development to cater for growing customers’ supply-chain and logistics requirement in Eastern Economic Corridor (“EEC”) and Northern and North Eastern markets in Thailand.
BANGKOK, 26 APRIL 2019
Frasers Property (Thailand) Public Company Limited (“FPT”, formerly known as “TICON”) is pleased to announce the signing of strategic joint-venture agreement with Mitsui Fudosan, Japan’s largest real estate developer. The joint-venture will invest and develop two large-scale industrial and logistics parks of approximately 255,000 sqm in Bangpakong and Wangnoi, Thailand.
Both projects offer long-term benefits for customers as it’s strategically situated in prime industrial and logistics districts of the country. Facilities and amenities will be designed and built to international masterplan standard under LEED certification.
Mr. Panote Sirivadhanabhakdi, Chairman of Executive Committee of Frasers Property (Thailand) Public Company Limited (“FPT”) said, “FPT is pleased to partner one of Japan’s most reputable and largest property developers. Mitsui Fudosan has an extensive portfolio of logistics assets and development experience in prime locations across Japan. This strategic partnership will boost FPT’s development pace in Thailand, extend our “network effect” and service offerings to Mitsui Fudosan’s customers base and further strengthens our development with technology-led smart industrial and logistics parks know-how from Japan.” he continued. “FPT will bring our long-established experiences and insights in the Thai market along with the strengths of our global brand, Frasers Property, to drive the success of this joint venture.”
Mr. Sopon Racharaksa, President of Frasers Property (Thailand) Public Company Limited, said, “This new strategic partnership will equip both of us with greater strengths and competitive advantages. The joint venture will provide a platform for both partners to deliver best-in-class facilities to our customers. In particular, the sites in Bangpakong and Wangnoi that we will develop under this partnership are ideal for logistic park development, offering location benefits for greater supply chain efficiency to customers of both partners.
Mitsui Fudosan has corporate value, social mission and strategy similar to ours, engaging in multi-segment asset classes spanning across logistics, residential, retail, office and hospitality sector. We are glad that Mitsui Fudosan has chosen this joint venture to be its exclusive vehicle for modern industrial and logistics development in Thailand. We are confident that the complementary strengths of both companies will serve as a strategic competitive advantage for the venture to seize significant growth opportunities in Thailand’s emerging logistics industry.”
Mr. Tomoo Nakamura, Managing Director of Mitsui Fudosan Asia (Thailand) Co., Ltd., quoted “Mitsui Fudosan is a core company of the Mitsui Group of companies. Headquartered in Tokyo, we are a leading multi-segment real estate developer with businesses including logistics, residential and commercial properties as well as other adjacent businesses. Mitsui Fudosan has a mission to ‘bring affluence and comfort to urban living’ by offering impressive real estate experiences that meet diversified needs of the customers. At Mitsui Fudosan, we aspire to the betterment and we keep growing our business capabilities. The company has a long-standing track record of investment expansion across Asia for more than 40 years. Regarding to Mitsui’s strategy, we will continue to expand overseas business This year marks Mitsui Fudosan’s expansion into industrial and logistics business in Thailand for the first time through our strategic partnership with Frasers Property Thailand.”
“Mitsui Fudosan is pleased to join hands with Frasers Property Thailand,” he suggested. “We are confident in the expertise, business capabilities and market insights as a part of global brand “Frasers Property” and one of the largest integrated property developers in Thailand.”
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