REITs / Capital Markets｜Chandler Mori Hamada

Chandler Mori Hamada offers a leading capital markets practice with a track record of advising on market-leading and groundbreaking transactions. Capital markets work includes the issuance and offering of equity and debt securities (shares, bonds, quasi-equity), the acquisition of securities for business takeovers, and advising on compliance issues related to securities law matters.
Debt
Our experience includes advising on various types of local and cross-border debt securities offerings, structured products, securitizations, hybrid securities, bank capital securities and infrastructure funds. Our team, led by Doungporn Prasertsomsuk, advises on a number of MTN program establishments and drawdowns, digital bonds, social bonds, sustainability-linked bonds, blue bonds, perpetual bonds and Tier 1/Tier 2 securities. The team has advised on numerous award-winning transactions.
Equity
Our equity team, led by Tananan Thammakiat, advises on the establishment and capital increases for Real Estate Investment Trusts (“REITs”), property funds for public offerings (“PFPOs”), securities including Initial Public Offerings (“IPOs”), mergers and acquisitions, a broad range of capital markets projects, and financing related to these transactions. The group’s REIT and PFPO expertise focuses on Thailand, for both domestic and international offerings, with industry sectors including shopping malls, factories and warehouses, office and residential buildings, and hotels.

Some Representative Transactions:

Debt

Advising:

PTT, as the issuer, on Thailand's first Q-Bond, a groundbreaking market innovation leveraging blockchain technology. Awarded Best Blockchain-Based Bond Deal of The Year 2024 by Alpha Southeast Asia.
Export-Import Bank of Thailand on the first blue bond issuance under its MTN program. Awarded "Best Blue Bond" by The Asset 2025.
Advanced Info Service Public Company Limited (AIS) on the establishment of its Medium-Term Note (MTN) Program and first 'Sustainability Bond' under the program. Awarded “Best Sustainability Bond – Telecom” by The Asset 2025.
Precious Shipping Public Company Limited (PSL) on the issuance of guaranteed sustainability-linked bonds, noted as the first-ever such bond issued by a shipping company from the Association of Southeast Asian Nations (ASEAN) region, as recognized by The Asset. Awarded “Best Sustainability-Linked Bond for Transport” by The Asset 2025.
Gulf Energy Development Public Company Limited (Gulf), one of the largest private power producers in Thailand, on its THB 25 billion bond transaction. Awarded “Best Bond” in Thailand by The Asset Triple A Awards 2025.
On the securitization transactions regarding receivables from “buy now, pay later loans” (BNPL) granted through an online platform.
Muangthai Capital (MTC), Thailand’s largest microfinance non-bank financial institution, on its offshore offering of 4-year USD 335 million amortizing social bonds.
CIMB Bank on the offering of its Tier 2 capital securities, which qualify for inclusion in the bank's Tier 2 capital. The bonds also qualify as “green bonds” and were offered to institutional and high-net-worth investors in Thailand, being the first “green” Tier 2 capital securities issued by a Thai commercial bank.

Equity

NEO Corporate Public Company Limited, on its Initial Public Offering (IPO) and listing of its shares on the Stock Exchange of Thailand.
United Project Management Company Limited, a project management company providing one-stop services related to real estate developers and associated customers, in its initial public offering and listing on the Market for Alternative Investment (MAI), via spin-off from its holding company, Primo Service Solutions Public Company Limited.

REITs

Lotus’s Retail Growth Freehold and Leasehold Property Fund (“LPF”) on its conversion to the Axtra Future City Freehold and Leasehold Real Estate Investment Trust (AXTRART). This groundbreaking conversion involved 23 Lotus shopping centers valued at over 32 billion Baht across Thailand, establishing AXTRART as one of the four largest REITs to date.
Quality Houses Leasehold Property Fund (“QHPF”) on the conversion of QHPF into the Quality Houses Business Complex Leasehold Real Estate Investment Trust (“QHBREIT”), which involved the transfer of QHPF’s assets to QHBREIT, including leasehold rights over major office complexes such as the Q House Lumpini Project, Q House Ploenchit, and Wave Place in Bangkok.
Charn Issara Reit Management Company Limited on the conversion (the “Conversion”) of the Bangkok Commercial Property Fund (“BKKCP”) into the Issara Real Estate Investment Trust (“ISSARA”). This conversion involved transferring BKKCP’s assets to ISSARA, including the freehold rights to office and commercial units in Charn Issara Tower and Charn Issara Tower 2.
WHA Industrial Leasehold Real Estate Investment Trust ("WHAIR") on its fifth additional investment, which involves acquiring leasehold rights over land, factory buildings, and ready-built warehouses.
Prospect Logistics and Industrial Leasehold Real Estate Investment Trust and the REIT Manager on investing in additional assets (two industrial projects) through a capital increase of Prospect.
KTBST Mixed Freehold and Leasehold Real Estate Investment Trust on its second additional investment in the sub-leasehold rights over part of the Ladprao Hills Project (office and retail spaces), a mixed-use building that includes hotel, office, and retail spaces.
PROSPECT and the REIT Manager on investment in additional assets (13 warehouses in two industrial projects) through a capital increase of PROSPECT.
INET Leasehold Real Estate Investment Trust (INETREIT) on its first capital increase to acquire additional assets in the INET-IDC 3 project.
BA Airport Leasehold Real Estate Investment Trust (“BAREIT”): Advising Bangkok Airways Public Company Limited (Bangkok Airways) on the establishment of BA Airport Leasehold Real Estate Investment Trust (“BAREIT”) to invest in assets based at Bangkok Airways’ Samui Airport. This marks Bangkok Airways' first Real Estate Investment Trust (REIT) in Thailand to invest in an airport asset. We also provided guidance on the financing aspects of the transaction.