Chandler MHM

Chandler MHM advises on the establishment and financing of the first REIT investment in a data center in Thailand

Chandler MHM advised Internet Thailand PCL on the setting up of INETREIT, which is the first real estate investment trust (“REIT”) to invest in a data center in Thailand. Chandler MHM also advised on the establishment of the REIT Manager to manage the REIT in addition to advising Internet Thailand PCL and KASIKORNBANK PCL on the financing for the investment.

INETREIT has made an initial investment in the ownership of the buildings and equipment related to the operation of a data center, namely INET-IDC3 Phase 1, located in Saraburi. The investment includes a leasehold right over the substation land. 

This was a challenging transaction given the uncertainties in the market arising from the Covid-19 pandemic and the fact that this was the first investment by a REIT in a data center in Thailand. Some of the specific issues our team advised on included the nature of the rights over the land and compliance with the Investment Promotion Act. The REIT and REIT manager also had to be in compliance with the relevant regulations of the Securities and Exchange Commission of Thailand (the “SEC”).

The team was led by Tananan Thammakiat (Partner). She was supported by Namita Tangpitukpaibul (Senior Associate), Thitiyapa Boonkong (Associate), Nathaorn Yingseree (Associate) and Onpreeya Pimol (Associate).
Tananan commented “This ground breaking transaction was achieved despite the challenging market conditions demonstrating the commitment of all parties involved. We truly appreciate INETREIT and all parties involved for working with us to achieve the closing of this transaction”.
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