Real estate and construction in Thailand

Baker McKenzie LLP

Baker McKenzie LLP's real estate and construction practice has 'strong credentials in the Thai market.' The firm advises on REITs, project development and real estate financing. The hugely experienced Sorachon Boonsong leads the team and and assists global and local clients on all aspects of their real estate requirements including regulatory matters and responses to the effects of the COVID-19 pandemic. Wittaya Luengsukcharoen works with developers on the expansion of their real estate portfolios while Duangkamon Amkaew, who offers 'excellent solutions' to clients, acts on cross-border property acquisitions for REITs.

Practice head(s):

Sorachon Boonsong

Testimonials

‘Ms Duangkamon provides excellent solutions.’

‘Baker McKenzie in Thailand has a large team of lawyers specializing in different areas, hence, it can provide one stop service to clients. It has strong credentials in the Thai market.’

‘The quality of work and their advice is good. They are able to highlight risks and provide possible solutions.’

 

 

Key clients

S REIT Management Company Limited

Noble Development PCL

Shangri-la Hotel Public Company Limited

Proud Real Estate Co., Ltd.

NYE Estate Company Limited

Singha Estate Public Company Limited

Pruksa Real Estate Company Ltd.

Work highlights

  • Assisted S REIT (a subsidiary of a leading Thai property developer, Singha Estate) — as the REIT Manager of S Prime Growth Leasehold Real Estate Investment Trust (SPRIME) — with a capital increase via the acquisition of Metropolis Building and Suntowers Retail Area.
  • Assisted an investment and investment advisory firm specializing in hospitality, commercial and residential real estate, on the disposal of a hotel in the midst of construction.
  • Assisted BBL Asset Management Company Limited (BBLAM) together with K.E. Group with the conversion of a property fund for public offering (PFPO) into a REIT and the setting up of a retail REIT comprising 11 retail stores and community malls (Bualuang K.E. Retail Leasehold Real Estate Investment Trust).

DLA Piper

DLA Piper advises on commercial developments, property investments, REITs as well as construction and real estate disputes. Dusadee Jittasaiyapan leads the team and advises on the full spectrum of real estate transactions for clients in the retail, hotel, industrial and energy sectors. Senior associate Supranee Arjjit acts for Thai and international clients on project developments.

Practice head(s):

Dusadee Jittasaiyapan

Other key lawyers:

Supranee Arjjit

Key clients

AEG

Bualuang Asset Management Co., Ltd.

Burberry (Thailand)

Delsk Business (Thailand) Co., Ltd.

Ek-Chai Distribution System Co., Ltd. /Tesco Stores in Thailand

Eastern Water Resources Development and Management Public Company Limited

JD Sports Fashion Plc

Tesco PLC

Minor Hotel Group Limited

Virgin Active Health Clubs

Work highlights

  • Advised Tesco PLC on the transaction of selected retail outlets as part of the sale of its entire business interest in Thailand to the CP Group.
  • Represented Delsk Business (Thailand) Co., Ltd. in relation to the purchase of land and building in Phuket Province (i.e. Muang Phuket, Mai Khao Beach, Koh Laya, Koh Lon and Patong Beach) and Krabi Province for residential development in Thailand.
  • Represented Burberry (Thailand) Limited (a Thai subsidiary of Burberry Group PLC) in relation to the lease of premises located within luxury shopping centers in Bangkok, including Central Embassy, Siam Paragon Department Store and Siam Premium Outlets.

Linklaters

Linklaters represents local developers, international property developers and state owned entities on domestic projects and cross border developments. REITs work is a key area of focus for the firm. The team is jointly lead by Pichitpon Eammongkolchai and Wanwisar Nakarat. Managing partner Eammongkolchai has works with a range of clients on real estate financing and M&A transactions while Nakarat represents clients on real estate transactions.

Key clients

Roxy-Pacific Holdings

Victory (Thailand)

Mandarin Oriental Hotel Group International

Minor International

Hong Kong Land

KASIKORNBANK

AIA (Thailand)

Magnolia Quality Development Corporation Limited

Singha Estate Public Company Limited

Thai Oil Public Company Limited

Italian-Thai Development Public Company Limited

Charoen Pokphand Group

Work highlights

  • Advised BC Asia Investments XI Limited as lender in connection with the US$75m Facility Agreement for The Villa (Huahin) Co., Ltd. as borrower and Madison Pacific Trust Limited as facility agent.
  • Advised Bangkok Bank Public Company Limited as lender in respect of its financing to Royal Field Development Company Limited as borrower of up to US$70m under a secured facility agreement for the development, construction, commissioning, completion, operation and maintenance of 45-storey mixed use building including the hotel and space leasing located in Cambodia.
  • Advised the Consortium in the bidding and all contracts for the development, construction, operation, financing and maintenance of the US$7.5 billion High Speed Rail Linking Three Airports Project by the State Railway Authority of Thailand.

Siam Premier International Law Office Limited

Siam Premier International Law Office Limited is present on a broad range of work including industrial, residential, healthcare, retail and hotel development projects. Chatchavej Chitvarakorn represents government agencies as well as multinational corporations on construction projects and foreign investment into Thailand. Praphan Phichaiwatkomol co-leads the team with Torsakul Cunvong who advises banks on financing projects. Associate Ajjima Kanokmaneechotikul works on the development of resorts, hotels and mixed-use properties.

Other key lawyers:

Ajjima Kanokmaneechotikul

Testimonials

‘This practice is friendly and provides good services and response time.’

‘Chatchavej Chitvarakorn and Ajjima Kanokmaneechotikul are responsive and commercial-minded. Ajjima is thorough in her work.’

 

Key clients

The Port Authority of Thailand

WeWork (Thailand) Co., Ltd.

Tipco Tower Co., Ltd.

Work highlights

  • Acting for The Port Authority of Thailand in preparing legal advice in regard to the establishment of new landmark in Bangkok at Klong Toey area.
  • Assisted WeWork in reviewing and negotiating the lease and service agreement with the landlord and conducting independent due diligence on the land where the project is located (i.e. the PARQ project).
  • Assisted Tipco Tower Co., Ltd. in drafting lease agreement and service agreement for the new tower, Tipco Tower II including preparing legal analysis whether the both agreements should be executed separately or should be consolidated into one agreement based on tax consideration.

Watson Farley & Williams (Thailand) Limited

Watson Farley & Williams (Thailand) Limited provides corporate and dispute resolution advice to construction clients which includes developers and high-net-worth individuals. Christopher Osborne heads up the team and has particular expertise in the hotel and leisure sectors. He leads the wider team on buy-side and sell-side work and building due diligence. Senior associate Lyle Andrews is active on real estate disputes including through arbitration and mediation. His expertise is enhanced by his chartered surveyor experience.

Practice head(s):

Christopher Osborne

Other key lawyers:

Lyle Andrews

Testimonials

‘Very strong construction law and arbitration knowledge. I was made to feel heard, understood and secure through the whole process with WFW.’

‘Lyall and Chris were very direct and knowledgeable in the details and issues we were working through. They both add value to everything we worked on with their friendly and very understanding attitude, but above all else their guidance on matters at hand saved me a future world of hurt.’

 

Key clients

Airbnb Singapore Private Limited

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners acts for owners, developers, Thai property funds as well as institutional investors on matters relating to property acquisitions, developments, and the financing of real estate assets. Panuwat Chalongkuamdee and Passawan Navanithikul have moved to SRPP.

Work highlights

  • Financing transaction between the client, The Siam Commercial Bank Public Company Limited (SCB), as the lender, and NYE and RGP Development Co., Ltd. (a company jointly invested by the affiliate of Minor International Public Company Limited and Nye Estate Co. Ltd, as the borrower.
  • Represented Asset World Public Company Limited in the corporate restructuring and offering of shares under Securities and Exchange Commission regulations, and international offering under Regulation S of the US Securities Act and listing of its shares on the Stock Exchange of Thailand (IPO).
  • Represented Dusit Thani Public Company Limited, a leader in the hotel, resort and spa industry, in relation to the long-term lease of sections of a building from I’m China Town Co., Ltd. in order to develop a hotel in connection with ASAI Chinatown Project, including the legal due diligence, preparation of the Lease Agreement, FF&E Sale and Purchase Agreement, Service Agreement and general legal advice.

Chandler MHM Limited

Chandler MHM Limited's real estate and construction practice advises local and overseas investors, especially prominent Japanese property developers. Tananan Thammakiat's speciality lies in REIT's and wider real estate transactions and she co-leads the team alongside Susumu Hanawa who is an expert on real estate funds and finance, as well as cross border transactions experience involving Indonesia and Vietnam. The firm's REIT team works with sponsors, asset owners and fund managers.

Testimonials

‘The uniqueness of the real estate team of Chandler MHM is the great combination of Thai lawyers and Japanese lawyers. As a Japanese investor, we usually have questions regarding the difference between Thai law system and Japanese law system. Their team is able to efficiently advise from both Thai law perspective and Japanese law perspective, which is incomparable strength of the team.

‘Susumu Hanawa is a partner leading the real estate team of Chandler MHM. He has been involved in many real estate transactions especially in which a Japanese investor makes investment in Thailand. He has a lot of experience and knowhow in such transactions and so he can give us practical advice based on such experience. In addition, he always tries to seek possible solutions for the client, and he is open and flexible for such discussions to create a new type of scheme. Also, he leads and manages the team well to complete any transactions even with difficult issues and with limited timeline.

‘Chaveeporn Vithayanupong is a senior associate who is a core member of the real estate team of Chandler MHM. She works very hard for the client. In a transaction of our investment deal, we had very limited time schedule. In the transaction, she worked very hard until late at night everyday including holidays, thanks to which we successfully reached the closing.’

 

Key clients

The Siam Chemicals Public Company (SCC)

Singha Estate Public Company Limited

CIMB Thai Bank Public Company (CIMBT)

GLAND Office Leasehold Real Estate Investment Trust

KrungThai Bank Public Company Limited (KTB) and Bank of Ayudhya Public Company Limited (BAY)

Bhiraj REIT Management Company Limited

Prospect REIT Management Company Limited

WHA Industrial REIT Management Co., Ltd

Nomura Real Estate

Dusit Thani PLC

Mercuria Investment

Mitsubishi Estate Co., Ltd.

Work highlights

  • Advising the SCC on the lease of assets (consisting of a liquid chemical storage tank and warehouse buildings) to the AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (“REIT”) which sought to invest in additional investment assets.
  • Advised CIMBT as both the lender (debt) and the underwriter (equity – capital increase) to raise funds for a cross-border Dusit Thani Freehold and Leasehold Real Estate Investment Trust to invest in a new asset in Maldives (Dusit Thani Maldives hotel project).
  • Advised GLAND Office Leasehold Real Estate Investment Trust (GLANDRT) on the divestment of all its assets to the CPN Retail Growth Leasehold Real Estate Investment Trust (CPNREIT). This was the first divestment transaction between a REIT and another REIT.

Charin & Associates

Charin & Associates possess 'long-term experience with in-depth knowledge' in the realm of real estate and construction. Charin Satchayan provides 'sharp solutions' to clients in the energy, infrastructure, and aviation industries. His expertise lies in advice given on REITs and real estate developments while his co-head Benjaporn Puttinan acts for a range of clients in respect of hotel and office developments.

Testimonials

‘Long-term experience with in-depth knowledge and are able to provide concise advice on related real estate topics such as REIT work.’

‘Charin Satchayan and Pannaree A. Voravudhi are the best partners we’ve ever worked with. They provide sharp solutions and transparency.’

 

Key clients

Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT)

AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust (AIMIRT)

AIM Commercial Growth Freehold and Leasehold Real Estate Investment Trust (AIMCG)

WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART)

Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT)

Sri Panwa Hospitality Real Estate Investment Trust (SRIPANWA)

B&G Leasehold Real Estate Investment Trust (BGREIT)

B&G REIT Management Company Limited

Prime Office Property Fund (POPF)

Work highlights

  • Advised Frasers Property Industrial REIT Management (Thailand) Company Limited as the REIT Manager of FTRIET on the conversion of three property funds into FTREIT, which after the conversion, FTREIT has a total assets value of THB 36 Billion for an investment in factory and warehouse buildings.
  • Advised AIM REIT Management Company Limited (AIM REIT) as the REIT Manager of AIMIRT on: the establishment of AIMIRT to invest in warehouse buildings, which has a transaction value of THB 2.2 Billion; the acquisition of additional assets in the type of chemical tanks and warehouse and factory buildings which has a total transaction value of THB 4,200 Million (comprising of THB 3,120 Million through preferential public offering and THB 1,080 Million through long-term loan).
  • Advised WHA Real Estate Management Co., Ltd. (WHAREM) as the REIT Manager of WHART on the conversion of WHAPF into WHART, which after the conversion and additional investment, WHART has a total assets value of THB 26 Billion for an investment in factory and warehouse buildings.

DFDL Legal & Tax

DFDL Legal & Tax's practice is led by Audray Souche, managing director of the firm in Thailand, whose expertise is applied to infrastructure projects across the region. Rashane Leerabandhu, the co-head of the team, assists international clients on real estate and construction development matters. Kraisorn Rueangkul acts for clients in the oil and gas, renewable energy and aviation industries in relation to PPPs and foreign direct investment.

Other key lawyers:

Kraisorn Rueangkul

Testimonials

‘The have a very strong team that covers all aspects of property including commercial and residential. They also have a good understanding of international banking and know the ins and outs of working with the BOT and BOI.’

‘Paul Volodarski is particular has a very good understanding of American and British law which comes in handy when working with international buyers which is most of the time.’

Key clients

Anamaya Company Limited

Lew Yeo Hotel Management

Work highlights

  • Advising Thai developer Anamaya Samui with respect to its proposed expansion of the Anamaya project to include both a residential portion and hotel portion with respect to relevant permissions and restrictions for foreign investors in the project. Advised on corporate structuring, and reviewed the shareholders’ agreement, investment agreements, loan agreements and project agreements.
  • Advising Lew Yeo Hotel Management (Thailand) which is looking to significantly expand its presence in Thailand and open hotels in the country.

Tilleke & Gibbins

Tilleke & Gibbins assists domestic and multinational real estate developers, contractors and sub-contractors. The firm acts for clients across the region on a cross-border basis.  Cynthia M. Pornavalai leads the team and advises foreign clients investing into Thailand while Chaiwat Keratisuthisathorn is an expert in all facets of property law ranging from property acquisitions and lease agreements.    

Key clients

Ananda Development Public Company Limited

Gensler

JC Kevin Development

Kirin Holdings Co. Ltd.

Marriott International

Minor International PLC

Pace Development Corporation Public Company Limited

Scania

Softbank

True Corp

Work highlights

  • Advising a major Chinese construction company on various elements of the Bangkok–Nong Khai high-speed railway project, the first high-speed rail line in Thailand.
  • Representing and advising a major Southeast Asian energy conglommorate in multi-billion dollar bidding for two port development mega infrastructure projects under the country’s flagship Eastern Economic Corridor (EEC) scheme.
  • Representing a Hong Kong real estate developer in managing its investments worth over THB 1 billion in Bangkok and Phuket.