Thai conglomerate Singha Estate acquires the286-hectare industrial zone Global Food Valley.

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Thai real estate investment and development company Singha Estate PCL

I signed a final agreement to acquire 100% of the shares of Park Industry Co., Ltd. from Boon Rawd Brewery Co., Ltd., which owns a 286-hectare industrial zone called World Food Valley in Ang Thong Province, Central Thailand. The share transfer is expected to take place in the third quarter of 2021. The total value of the deal is approximately $77.8 million, which includes $16.4 million for all shares of Park Industry, valued at face value, as well as a commitment to invest an additional $55.5 million in the development of the industrial zone and other expenses.

Chutinant Bhirombhakdi, Chairman of the Board of Singha Estate PCL, stated: "The acquisition of the industrial zone, which is closely linked to three energy facilities in which we have also invested, is another step in implementing our strategy to create strong synergies between multiple business platforms of Singha Estate. This gives us greater competitiveness and creates a very sustainable business."

Titima Rungkwansiriroy, CEO of Singha Estate PCL

He said: "The combination of an industrial zone business and energy production creates significant financial and operational advantages, as industrial zones are among the largest consumers of electricity. Operations within the industrial zone create a demand for energy produced by our three energy facilities. And since this industrial zone focuses on the food industry, food producers will need steam that meets food safety standards, which is also produced by our energy facilities.

At the same time, the energy facilities increase our steady income and provide us with a stable cash flow, which reduces the risks of cash flow fluctuations from the sale of industrial land."

“In addition to being a great fit with the strategy, we see strong prospects in the industrial zone sector in Central Thailand. The average occupancy in Thailand's industrial zones was around 80% at the end of last year, while in the Central region, this figure was about 89%,” she added.

“This industrial zone is at the heart of Thailand's ambition to become the 'kitchen of the world' and one of the largest global producers of food. Its location is strategic for those working in the food sector, as it sits in the middle of the country's supply chain for rice, dairy, and poultry. Additionally, it has access to abundant water resources due to its proximity to the Chao Phraya River,” she added.

The Thai government supports the development of the food processing sector as part of its long-term policy. According to the Thailand Board of Investment, applications for investment incentives in agriculture and the food industry are among the fastest-growing, with the Central region of Thailand accounting for about half of all incentive applications submitted to the Board of Investment in 2020. Demand for land in Thailand's industrial zones is expected to increase following the easing of COVID-19-related travel restrictions.