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05-06-2014, 07:55 PM
Thai beer baron bids for Australian developer
Samantha Hutchinson
521 words
5 Jun 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Thai billionaire and beer baron Charoen Sirivadhanabhakdi is no stranger to a good old fashioned takeover.
The sixth child of a street vendor and a household name throughout Thailand, Sirivadhanabhakdi has a net worth of more than $12 billion.
The billionaire, who has been knighted four times in his home country, catapulted into the ranks of the region's top tycoons when he took control of Singapore based company Fraser&Neave in 2013 in a deal worth $11.2 billion.
Sirivadhanabhakdi gained 90 per cent of the company and its vast portfolio spanning soft drinks, dairy and publishing interests, in addition to an established property portfolio developing and managed interests.
And now he has his eyes on Australia, in the form of a $2.6 billion play for large-scale residential developer Australand, under F&N's old property arm, now renamed Frasers Centrepoint.
Its been an eventful year for Frasers Centrepoint. Mr Sirivadhanabhakdi broke ground at F&N hiving off the real-estate assets from the rest of the business in a bid to establish a separate pure-play property group known as Frasers Centrepoint. It debuted on the Singapore Exchange in January.
It now has a market capitalisation of $4.8 billion and total assets of $9.8 billion, with a residential pipeline across China, Singapore and Australia of almost 10,000 homes, and controlling interests in two Singapore-listed REITs.
In Australia, Frasers Centrepoint is best known under its subsidiary Frasers Property Australia, with flagship projects including Perth's $450 million Queens Riverside development and Sydney's Central Park, a $600 million joint-venture with Sekisui House in Broadway.
Some observers are unsure how the group will approach Australand's land bank – some of which is on the outskirts of cities – and its mix of housing stock which is typically pitched as good quality housing at an affordable price.
Frasers have carved a niche locally developing executive-style housing and luxury serviced apartments close to the city centre, often with big-name architects including Jean Nouvel and Koichi Takada.
Chief executive Guy Pahor – a former architect and co-founder of Citta Property Group – has made no bones of the fact the group has a razor-sharp focus.
In December the group offloaded a prime site the Parramatta river to Chinese group Fuxing Huiyu Real Estate Co for $58 million.
"Our core focus going forward is going to be on the inner-city area. We've got to do what we do best," Mr Pahor told The Australian Financial Review.
But its portfolio is growing. The group this month snared the upscale landmark Sofitel Wentworth hotel from LaSalle Investment Management for $202.7 million.
Sirivadhanabhakdi rose to prominence building Thailand's biggest beverage company, ThaiBev and an impressive portfolio of land, including shopping centres and Marriott and InterContinental hotels and New York's Plaza Athenee Hotel has come later.
Key points Sirivadhanabhakdi took control of Fraser&Neave in 2013 for more than $12bn. Frasers Centrepoint is best known under its subsidiary Frasers Property Australia.
Fairfax Media Management Pty Limited
Document AFNR000020140604ea6500014
Samantha Hutchinson
521 words
5 Jun 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.
Thai billionaire and beer baron Charoen Sirivadhanabhakdi is no stranger to a good old fashioned takeover.
The sixth child of a street vendor and a household name throughout Thailand, Sirivadhanabhakdi has a net worth of more than $12 billion.
The billionaire, who has been knighted four times in his home country, catapulted into the ranks of the region's top tycoons when he took control of Singapore based company Fraser&Neave in 2013 in a deal worth $11.2 billion.
Sirivadhanabhakdi gained 90 per cent of the company and its vast portfolio spanning soft drinks, dairy and publishing interests, in addition to an established property portfolio developing and managed interests.
And now he has his eyes on Australia, in the form of a $2.6 billion play for large-scale residential developer Australand, under F&N's old property arm, now renamed Frasers Centrepoint.
Its been an eventful year for Frasers Centrepoint. Mr Sirivadhanabhakdi broke ground at F&N hiving off the real-estate assets from the rest of the business in a bid to establish a separate pure-play property group known as Frasers Centrepoint. It debuted on the Singapore Exchange in January.
It now has a market capitalisation of $4.8 billion and total assets of $9.8 billion, with a residential pipeline across China, Singapore and Australia of almost 10,000 homes, and controlling interests in two Singapore-listed REITs.
In Australia, Frasers Centrepoint is best known under its subsidiary Frasers Property Australia, with flagship projects including Perth's $450 million Queens Riverside development and Sydney's Central Park, a $600 million joint-venture with Sekisui House in Broadway.
Some observers are unsure how the group will approach Australand's land bank – some of which is on the outskirts of cities – and its mix of housing stock which is typically pitched as good quality housing at an affordable price.
Frasers have carved a niche locally developing executive-style housing and luxury serviced apartments close to the city centre, often with big-name architects including Jean Nouvel and Koichi Takada.
Chief executive Guy Pahor – a former architect and co-founder of Citta Property Group – has made no bones of the fact the group has a razor-sharp focus.
In December the group offloaded a prime site the Parramatta river to Chinese group Fuxing Huiyu Real Estate Co for $58 million.
"Our core focus going forward is going to be on the inner-city area. We've got to do what we do best," Mr Pahor told The Australian Financial Review.
But its portfolio is growing. The group this month snared the upscale landmark Sofitel Wentworth hotel from LaSalle Investment Management for $202.7 million.
Sirivadhanabhakdi rose to prominence building Thailand's biggest beverage company, ThaiBev and an impressive portfolio of land, including shopping centres and Marriott and InterContinental hotels and New York's Plaza Athenee Hotel has come later.
Key points Sirivadhanabhakdi took control of Fraser&Neave in 2013 for more than $12bn. Frasers Centrepoint is best known under its subsidiary Frasers Property Australia.
Fairfax Media Management Pty Limited
Document AFNR000020140604ea6500014