Asset World Corp Pcl, the property arm of billionaire Charoen Sirivadhanabhakdi, plans to raise at least $1 billion through a Thai Real Estate Investment Trust listing targeted for early 2027. The company will inject four hotels and an office building valued at about 48 billion baht ($1.44 billion) into the REIT, said CEO Wallapa Traisorat.

The REIT is expected to attract foreign institutional investors for roughly half of the initial offering. Asset World plans to spend 100 billion baht through 2030 expanding its hotel and commercial businesses. The portfolio includes 25 hotels under brands such as Marriott, Hilton, Hyatt and Sheraton, plus five office buildings and 11 retail properties.

The largest asset earmarked is the Empire Building in downtown Bangkok, appraised at about 25 billion baht. Four hotels in Krabi, Koh Samui and Pattaya will also be included. Asset World will unveil further details on Sept. 29 after completing regulatory filing with the Securities and Exchange Commission.