Apollo is a private equity fund that has its headquarters in the United Stated. It is currently planning to invest more in the country after its venture in funding the tallest building in Thailand, MahaNakhon. Apollo invested US $165 million on the project which was developed by Pace Development Corporation Plc, a developer included in the SET list. Apollo is now planning to invest in more real estate projects such as hotels and residential properties as well as loans.
According to the head of Apollo in Asia, Philip Mintz, the fund is now on the process of looking for other business ventures in Thailand that falls under the three categories. It has received a positive result after its first investment in the country in the form of the MahaNakhon project.
Mitz shared that they have been investing in Asia for 15 years already but it is the first time that they have decided to put their money in Thailand. They cannot turn down the opportunity to be an investor in what will be known to be the tallest building in the country alongside a well-known developer such as Pace.
The US $165 million funding (around 5.9 million in baht) they have provided as an investment makes up 10 per cent of the total investment they have funnelled in Asia. The majority of the investment of Apollo is focused in two countries, India and Australia.
Apollo is not the only investor in the MahaNakhon project. The Goldman Sachs which is a global investment bank has also funded about US $70 million to the project. The two companies have invested a total amount of 8.4 billion baht which will be utilized in the Pace Project 1 Co as well as the Pace Project 3 Co which are known as two of the subsidiaries of Pace.
Of the two subsidiaries, Apollo together with Goldman Sachs will own 49 per cent of the shares. They are now on the process of constructing Bangkok Edition Hotel with 154 rooms, Cube which is a retail space as well as an observation deck which will be located at the pixilated building in Narathiwat Ratchanakharin road.
Investors such as these made it possible for tourists to have more options when they are looking for hotels to stay in such as the Sukhumvit 11 hotels.