CPN Retail Growth Leasehold REIT

CPN Retail Growth Leasehold REIT (CPNREIT) was established on 1 December 2017 through the conversion of CPN Retail Growth Leasehold Property Fund (CPNRF). Its trust units began trading on the Stock Exchange of Thailand on 14 December 2017. At the end of 3Q25, CPNREIT invested in leasehold rights for seven shopping malls—Central Rama 2, Central Rama 3, Central Pinklao, Central Chiangmai Airport, Central Pattaya, Central Marina, and Central Lampang—with total leasable area of 263,214 sq.m.; four office buildings—Pinklao Tower A and Tower B, The Ninth Towers, and Unilever House—with total leasable area of 112,482 sq.m.; and one hotel, Hilton Pattaya, with 304 guest rooms. On 31 July 2023, the Extraordinary General Meeting of Trust Unitholders No. 1/2023 approved the renewal of the Central Pinklao lease for 15 years (1 January 2025 to 31 December 2039) with an investment value not exceeding Baht 12,161 million, along with renovations during 2024 and 2025 with a budget not exceeding Baht 1,100 million, and a change in the lease payment for Central Rama 2 (Renewal Period) from a lump sum in 2025 to installments over the lease term, with the first payment equal to the rental fee for the first 10-year lease period not exceeding Baht 12,853 million. On 8 May 2024, CPNREIT completed a capital increase for the Central Pinklao project contracts for another 15 years from 1 January 2025 to 31 December 2039. On 15 August 2025, CPNREIT borrowed from financial institutions to pay for the lease of Central Rama 2 (Renewal Period) and the additional leasable area for the first 10-year lease period (16 August 2025–15 August 2035), resulting in 100% investment in the leasable area of Central Rama 2. CPN Retail Growth Leasehold REIT was established on 11 August 2005 and incorporated in Thailand.