Asset World Corp Public Company Limited (SET: AWC) announced on Monday that Chiang Mai Hotel Collection Co., Ltd. (a subsidiary) has entered into the Agreement to acquire Land, Buildings and Properties of Dusit D2 Chiang Mai project.
1. Entered into the Sale and Purchase agreement for the land, buildings and properties of Dusit D2 Chiang Mai Project with Krungthai Asset Management Public Company Limited as a trustee of Dusit Thani Properties REIT with a total value is approximately Baht 467.1 million (exclusive of VAT and other expenses in relation to this transaction).
2. Entered into the Sale and Purchase agreement for the land and buildings adjacent to Dusit D2 Chiang Mai Hotel with Dusit Thai Properties Public Company Limited with a total value of approximately Baht 130 million (exclusive of VAT and other expenses in relation to this transaction).
3. Entered into the Lease Agreement for Land, building and properties of Dusit D2 Chiang Mai Project with Dusit Thani Public Company Limited for a period of 3 years with the lessor’s right to renew the agreement for another 3-year period. The total value of the lease agreement is approximately Baht 108 million. In this regard, the Company has the right to terminate the lease agreement before the end of the contract period.