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Legal Services
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Real estate
Foreign and domestic
investment in Thailand’s real estate sector is growing at unprecedented rates and Weerawong C&P
is at the forefront of this growth – our lawyers have advised Thai and international clients on many
of the largest and most innovative real estate transactions in the Thai market. We represent developers, owners, private and
institutional investors, investment funds, lenders and underwriters in the acquisition, development,
construction, management, operation, leasing and financing of all types of real estate
assets. Clients turn to Weerawong
C&P to advise on complex real estate projects in Thailand because they know that we have the
breadth of legal expertise needed to help them successfully complete their most challenging deals.
Our Thai real estate practice encompasses not only real property law but also tax, joint ventures,
banking, structured finance, securities, dispute resolution, acquisition and disposition
structuring, bankruptcy and environmental law. We also regularly liaise with Thai government authorities in connection with land
use rights, mortgage registrations, hotel and other licensing matters, obtaining and maintaining
construction, environmental and other property-related permits, title deed ownership issues, as well
as general planning and construction-related regulation and compliance. We have helped clients in connection with
investments in and financings of a variety of real property asset classes, including office
properties, hotels and resorts, shopping centers and other retail properties, condominium
properties, industrial properties, multifamily properties and mixed-use properties. We provide both
local and international clients with Thai law advice and state-of-the-art transaction structuring
advice. Weerawong C&P is a recognized authority on
all legal aspects of engineering, procurement and construction projects: bid documents,
negotiations, financing, joint ventures, agency agreements, construction contracts and construction
management agreements. Where it is necessary to resolve disputes, we represent clients in
international conciliation and arbitration. Because disputes frequently arise in the
construction industry, a significant portion of our construction practice is concerned with
contractors’ or owners’ claims and the resolution of disputes. We have represented clients in
hundreds of institutional arbitrations under the auspices of established arbitral institutions. We
have also advised clients in relation to arbitrations conducted under Thai arbitration
rules. Recent transactions including real estate / property funds experience include
the following:
Real Estate / Fund-related
(selected): - Representation of Real Estate
Capital Asia Partners, L.P. (RECAP), a private real estate fund, on a multi-phased
transaction initially resulting in execution of a sales and purchase agreement between RECAP and
Outrigger Global Holdings (Outrigger). Recap agreed to sell Laguna Beach Resort in Phuket to
Outrigger through an ‘entire business transfer’ transaction. The deal is valued at US$118 million
(approx.).
- Representation of Recap Investments Pte. Limited
(RECAP) as buyer for property in Recap’s US$500 million (Real Estate Capital Investment) Fund
III in Asia. WC&P assisted in reviewing three potential investments for the fund and advised on
the acquisition of Mercury Tower, a prime CBD Bangkok office block formerly held by Lehman Brothers.
WC&P earlier represented Recap on property purchases in Thailand for their US$200 million (Real
Estate Capital Investment) Fund I, and their US$200 million Fund II. Mercury Tower valued at US$ 40
million and Recap Fund III (Total value) at US$500 million.
- Representation of Real Estate Capital Asia Partners, L.P. (RECAP), a private real
estate fund, in connection with its acquisition of land and construction of Millennium Residence, a
four-star condominium complex located in the prime central area of
Bangkok.
- Representation of Real Estate Capital Asia
Partners, L.P. (RECAP), a private real estate fund, in connection with its acquisition of the
Jungceylon Project in Patong Beach, Phuket.
- Representation of Trinity Asset Co., Ltd. in the establishment of the Trinity
Property Fund (TNPF), a property fund to invest in free-hold properties located in the prime
business area of Bangkok (Silom) and the initial public offering of the REIT units. The deal
value is Baht 710 million.
- Representation of MFC Asset
Management Plc. and WHA Corporation Limited in the establishment of the MFC-WHA Premium
Factory and Warehouse Fund, a property fund to invest in the freehold right of land and building of
two warehouses and one factory in Chonburi and Amata City Industrial Estate in Rayong, and the
initial public offering of investment units. The deal value is Baht 1,283
million.
- Representation of TCC Land Commercial Ltd. and
Krung Thai Asset Management Plc. (KTAM) in the establishment of Thai Commercial Investment
Property Fund (TCIF), a property fund to invest in the Nation Tower Building, and the initial public
offering of investment units.
- Representation of Quality Inn
Co., Ltd., as sponsor, for establishment of a property fund, in which ING Fund Management
Co., Ltd. acted as the fund manager. The amount of deal value is Baht 1,900 million (Approximately
US$ 59.39 million)
- Representation of TMB BANK Public Company
Limited. and ING Funds (Thailand) Co., Ltd., as financial advisor and fund management
company, respectively, in connection with the establishment of Major Cineplex Lifestyle Property
Fund, a property fund for public offering for retail property, of which Major Cineplex Group Plc. is
the sponsor. The deal value is approximately US$71.88 million (THB 2.3
billion).
- Representation of Kasikorn Asset Management
Company Limited in connection with the establishment of Centara Leasehold Right Property Fund
and its investment in the 30-year leasehold right over Centrara Grand Beach Resort Samui Hotel. We
also advised Central Plaza Hotel Public Company Limited on the unwinding of Centel Private Property,
which previously help ownership of Centara Grand Beach Resort Samui Hotel. The transaction is valued
at Baht 3.2 billion.
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