Billionaire Charoen Sirivadhanabhakdi’s Frasers Property To Invest $298 Million In Warehouses

Frasers Property Industrial (Thailand)—controlled by Charoen Sirivadhanabhakdi–said it will invest 10 billion baht ($298.5 million) to develop more factories and warehouses in Thailand and overseas. The company aims to meet the demands from high growth segments such as e-commerce, express delivery services, electronics, EV vehicles and medical supplies, according to a press release from FPIT on Thursday.

“FPIT is confident that industrial properties, especially the warehouses, will play a vital role as the new center of gravity of commercial businesses, enabling manufacturers to cater all kinds of goods to customers with efficiency,” Sopon Racharaksa, CEO of Frasers Property Industrial (Thailand) said in the statement.

Currently, the company claims to have the largest portfolio of industrial property assets in Thailand, with an area under management that currently reaches 3.1 million square meters that it aims to increase it to 4 million square meters by 2025. It covers strategic industrial areas and logistics in all regions in Thailand, including the Eastern Economic Corridor (EEC).

“This year, we plan to close deals with leading customers for developing modern factories and warehouses, with a combined leasable area totaling 200,000 square meters,” Sopon said.

Aside from its domestic investments, the company also has a warehouse rental business in Indonesia, which maintains a total leasable area of more than 150,000 square meters. Last year, FPIT invested in an industrial property business in Binh Duong, Vietnam, where it is currently launching the second phase of the project that will increase its total area to 100,000 square meters.

Last year, Frasers Logistics & Commercial Trust, which also controlled by Charoen, sold an office tower in Singapore for $603 million to shift more of its resources towards warehouse assets.

Charoen took control of Fraser Property after he acquired Fraser & Neave in 2013. He is also the controlling shareholder of Thai Beverages, which produces Chang beer. He was ranked No. 3 on the list of Thailand’s 50 Richest that was published in June last year, with a net worth of $12.7 billion.