CPN Retail Growth Leasehold REIT (“CPNREIT”) was established on 1 December 2017 from the conversion from CPN Retail Growth Leasehold Property Fund (“CPNRF”). CPNREIT transferred assets from CPNRF consisting of 4 shopping projects namely Central Rama 2, Central Rama 3, Central Pinklao and Central Chiangmai Airport, and 2 office buildings, Central Pinklao Tower A and Tower B, as well as invested in additional assets, namely Central Pattaya Shopping Center and Hilton Pattaya Hotel, with a total value of Baht 11,908 million funded entirely by loans from financial institutions. The trust units of CPNREIT were first traded on the Stock Exchange of Thailand on 14 December 2017.

In March 2020, CPNREIT completely invested in the two projects namely The Ninth Towers Office Building and Unilever House Office Building from GLAND Office Leasehold Real Estate Investment Trust (“GLANDRT”), and also appointed Grand Canal Land Public Company Limited (“GLAND”) and Sterling Equity Company Limited as a property manager of each project respectively. Additionally, the registration of the leasehold rights over the real property in the Central Rama 2 (Renewal Period) was completed for the 30-year lease term starting from 16 August 2025 until 15 August 2055. In this regard, CPNREIT will proceed with seeking sources of funds in 2025 for payment of the rent for Central Rama 2 (Renewal Period) by issuing and offering for sale additional trust units and/or borrowing additional money, which will be conducted pursuant to the resolutions of such Extraordinary General Meeting of Trust Unitholders of CPNREIT No. 1/2019. (“the EGM No. 1/2019”)

In February 2021, CPNREIT raised capital by the issuance and offering new additional unit trusts totaling Baht 6,577.8 million. The proceeds derived from the capital increase were utilized for the investment in Central Marina Project and Central Lampang Project in the total investment value was Baht 5,672 million (excluding the registration fees, value added tax, stamp duties, as well as other related fees and expenses) as well as for some debts repayment. In respect of the investment in Central Suratthani Project and Central Ubon Project, the REIT Manager will consider investing in such properties when market conditions are favorable for offering of the trust units, so it will accomplish the investment in accordance with the resolutions of the EGM No. 1/2019.