Background and Objectives of the REIT

Sub Sri Thai Real Estate Investment Trust (“SSTRT” or “REIT”) has been established pursuant to the Trust for Transactions in Capital Market Act, B.E. 2550 on 13 December 2017 due to conversion from Sub Sri Thai Smart Storage Property Fund (“SSTSS”) and has been registered as securities listed on the Stock Exchange of Thailand (“SET”) on 26 December 2017 onwards. In this regard, One Asset Management Co., Ltd. (“ONEAM”) is appointed to act as the Trustee of the REIT and SST REIT Management Co., Ltd. (“SSTRM”) act as the REIT Manager.

The trust invests in the ownership in land, building and utilities, system works, furniture, materials and equipment that are relevant and necessary for the utilization of land and buildings of the Sub Sri Thai Smart Storage Project, which was obtained from the conversion of the mutual fund to trust as described above. The trust has entered into an agreement to transfer assets and obligations with the property fund at a swap ratio of 1 investment unit per 1 trust unit with cash amounting to 2.68 baht per investment unit.

There are 82,000,000 trust units issued to the property fund. The trust is considered as the first investment in the key assets and the trust obtained the approval from the Extraordinary General Meeting of trust holders No. 1/2019 on 17 September 2019 for the first capital increase by converting the Sub Sri Thai Property Fund (SSTPF) into the trust with a swap ratio of 1 unit per 1.1 trust units, with the newly issued trust units to the Sub Sri Thai Property Fund totaling 74,250,000 units and accepting the transfer of assets and obligations with the Sub Sri Thai Property Fund.

Objectives of the REIT

The trust is established with the objective to invest in the key assets by purchasing and/or leasing and/or sub-leasing and/or accepting the assignment of leasehold and/or sub-leasehold of key assets by using key assets to seek benefits in the form of income, rent and service charge or any other income in the same manner, as well as improving, changing, developing the potential, developing and/or selling assets with the intention to earn income and return to the trust for the benefits to the trust holders continuously in long term, as well as investing in other assets and/or other properties and/or seeking other profits by any other means according to the Security Law and/or as specified by any other relevant laws.

SSTRT Investment Policy

The REIT has a policy to invest in core assets in the category of real estate. or the right to lease real estate and assets which are parts or equipment of such real estate The types of assets that the REIT will invest in are real estate assets in the form of document warehouse buildings. and/or warehouse Including any other real estate related to supporting or promoting document storage business and/or warehouse and any other assets that may promote investment of the REIT


SSTRT Trust has a policy to seek benefits from the investment document type of real estate. by taking ownership of the land and building other properties which is an amalgamation of land and buildings utilities and other related assets related to and necessary for the utilization of the said land and buildings Including tools and equipment that are related and necessary for the use of the project’s business. Lease out to Sub Sri Thai Public Company Limited (“SST”) in which the real estate is issued to seek benefits by renting out to SST to provide benefits and pay rent to SSTRT REIT for a period of time Lease of 10 years 1 month for Sub Sri Thai Smart Storage project and 8 years 1 month 6 days for Sub Sri Thai project. (End of the lease term on January 31, 2028)
Sub Sri Thai Public Company Limited agrees to pay rent for the land with buildings and utilities and equipment for the total rental period per year. (Excluding VAT of renting utilities and equipment) as follows:

Main assets that the REIT initially invested
Under the Sub Sri Thai Smart Storage Project

7 Aug. 2017 to 6 Aug. 2018 65,000,000
7 Aug. 2018 to 6 Aug. 2019 65,000,000
7 Aug. 2019 to 6 Aug. 2020 65,000,000
7 Aug. 2020 to 6 Aug. 2021 67,000,000
7 Aug 2021 to 6 Aug 2022 67,000,000
7 Aug 2022 to 6 Aug 2023 67,000,000
7 Aug 2023 to 6 Aug 2024 69,000,000
7 Aug 2024 to 6 Aug 2025 69,000,000
7 Aug 2025 to 6 Aug 2026 69,000,000
7 Aug. 2026 to 6 Aug 2027 71,000,000
7 Aug. 2027 to 31 Jan 2028 34,624,657
total 708,624,657

Main assets invested by the REIT for
capital increase No. 1 under the Sub Sri Thai project

Timing Rental fee per year (Baht)
26 Dec 2019 to 31 Dec 2022 49,500,000
1 Jan  2023 to 31 Dec 2025 50,500,000
1 Jan  2026 to 31 Jan 2028 51,500,000
total 408,187,671.23

REIT’s structure

The details of key assets that the Trust invested is as follows:

Type of Investment Assets location Detail of assets
The First Key assets that the REIT invested under Sub Sri Thai Smart Storage Project
Freehold 115 and 115/7-9 Moo 6, Sukawat road, Bangchack sub-district, Prapadaeng district, Samutprakarn 10130 5 – 3 – 52.4 rai of land and 5 document storage warehouses in total area of 9,277 sq.m., as well as utilities systems, materials, equipment and other related properties that essential for operating the business on land and building.
Key assets that the REIT invested from capital increase No. 1 under Sub Sri Thai Project
Freehold No. 115 and 115/7-9, Village No. 6 Suksawat Road, Bang Chak Sub-district, Phra Pradaeng District, Samut Prakarn Province Land with total size of 9 Rai, 2 Ngan, 65 square wah and constructions, which are document storage, 9 buildings with total area of 15,340 square meter and other constructions, including component parts, public utility system, tools, equipment and other relevant assets that are related and necessary of the utilization of such land and buildings.