Portfolio   The Offices at CentralWorld
  • The Offices@CentralWorld is a grade A office building with a large amount of floor area. The said office building is a 46-storey building with 3 underground floors, located on the land with approximate area of 2 rai, 1 ngan and 4 square wah, having approximate gross floor area of 121,989 square meters whereby the leasable space is approximately 80,566 square meters.
  • The Offices@CentralWorld is located on Rama I Road in the Central Business District (CBD) of Bangkok. Moreover, it is a part of CentralWorld Project, which includes shopping mall, department stores, office building, hotel and convention center.
Location   The Offices@CentralWorld
is located at No. 999/9 Rama I Road, Khwaeng Pathumwan, Khet Pathumwan,
Bangkok 10330.

Portfolio Information

Properties Invested in by the Fund Nature of investment
Land and building Sub-leasehold right of approximately 20 years
(ending 22 December 2032)
Utility systems together with accessories
and equipment related thereto
Furniture and equipment Ownership


  • Brooke Real Estate Co., Ltd.
  • Thai Property Appraisal Lynn Phillips Co., Ltd.

Average Appraised Value (At July 2012)

  • 4,005.4 Million Baht for Initial Investment, Part 1
  • 351.6 Million Baht for Initial Investment, Part 2

Investment Structure

  Investment Structure Investment Timing Sources of the Fund
Initial Investment,
Part 1
Sub-leasehold right
  • land, approximate area of 2-1-4 rai
  • certain parts of the office building except for leasable space in B1-B3 underground floors, certain part of G floor, 3rd floor and 6th floor, space of 7th floor, 25th floor and 44th floor
    - with total area of 113,328 square meters
    - leasable space of 74,605 square meters
  • system works of The Offices @ Central World
  • the rights to use car park services for1,218cars
Investment unit offering
Initial Investment,
Part 2
Sub-leasehold right
  • certain part of the office building 6th floor (the part which has not yet been invested in by the Fund in the Initial Investment, Part1), space of 7th floor, 25th floor and 44th floor
    - with total area of 8,662 square meters
    - leasable space of 5,961 square meters
  • the rights to use car park services for 53 cars
Local commercial bank loan (SCB)

Structure of the Immovable Properties to be Initially Invested in by the Fund

Currently the Crown Property Bureau owns all the land and buildings in CentralWorld Project and TBF4, which leases CentralWorld Project from the Crown Property Bureau, subleases the Offices@CentralWorld to Central World Co., Ltd., who holds the sublease right before or on the date the Fund shall make an investment. The lease agreement between TBF4 and Crown Property Bureau is the land lease agreement to construct all the buildings within the CentralWorld Project under one agreement. TBF4 divides the management and administration of the assets under the lease agreement into 3 parts, for each developer of the components which comprise office building, shopping complex and hotel. The performance of TBF4 under the lease agreement is directly guaranteed to the Crown Property Bureau by CPN. Once the construction of all the buildings is completed, the ownership in such buildings will be transferred to the Crown Property Bureau. Thus the current lease agreement between TBF4 and the Crown Property Bureau is effectively an agreement to lease land and building (the Master Lease Agreement)

Due to the fact that the terms and conditions of the Master Lease Agreement entered into between the Crown Property Bureau and TBF4 requires that CPN shall be the Guarantor for the performance of duties of TBF4 and that the termination of the Master Lease Agreement is conditional upon existence of CPN, the financial stability of CPN directly affects the status of the Sublease Agreement for Office Building made between the Fund and TBF4. In this connection, the Fund and CPN have provided measures for preventing and managing such risks consisting of Warning Signal and Force Signal