Mitsui Fudosan to divest stake in joint venture with Thailand’s Ananda Development
BANGKOK, NNA – Major Japanese real estate firm Mitsui Fudosan will divest itself of its shareholding in a property joint venture with a local partner in Thailand as they complete the sale of a condominium in Bangkok.
The Japanese firm plans to sell a 49 percent stake in Ananda MF Asia Samyan Co. to Ananda Development Public Co. for about 535 million baht ($16.5 million) in cash within this month, according to a statement released on Wednesday by the Thai partner.
The JV, established in January 2015 with Sea Investment Five Pte. Ltd., a subsidiary of Mitsui Fudosan, has sold out all the units of the Ashton Chula Samyan condo project. The 56-story tower has 1,182 units, according to Nami Shinohara, a spokeswoman for Mitsui Fudosan in Tokyo.
Ananda Development will hold a 99.99 percent stake in the JV after the share transfer, which is a part of their business plan and joint venture agreement, the statement said.
The two real estate groups have set up joint ventures for each project in the Southeast Asian country. “We will continue to cooperate in housing development in Thailand,” the spokeswoman said.
The Tokyo-based property conglomerate has undertaken 16 high-rise condo projects in Thailand, according to its website.