Aim Commercial Growth Freehold & Leasehold Reit

What Aim Commercial Growth Freehold & Leasehold Reit does

AIM Commercial Growth Freehold & Leasehold REIT (AIMCG) is a Thai-listed Real Estate Investment Trust on the Stock Exchange of Thailand (ticker: AIMCG) that invests in freehold and long-period leasehold interests in commercial properties, principally lifestyle malls, community malls, and retail spaces. The trust was established in 2019 and listed on SET on 12 July 2019, having raised THB 2,880 million through the sale of 288 million units at THB 10 per unit in its IPO. Its portfolio comprises five assets: UD Town (largest lifestyle mall in Udon Thani), Row 55 (Thonglor, Bangkok), Porto Chino (Samut Sakhon, on Rama 2 Road), Noble Solo (freehold retail units in Thonglor), and Village Hub Ratchapruek (community mall). The trust is managed by AIM Real Estate Management Company Limited, with SCB Asset Management Company Limited acting as trustee; Udon Plaza, D-Land, Noble Development, and Chetchot serve as property managers.

The business model is asset-based rental income: revenue is generated from leasing space in the portfolio's lifestyle and community malls to a mix of retail and F&B tenants (e.g., McDonald's, Starbucks, CHANINTR, S&P, MK Restaurant at UD Town and Porto Chino; single-tenant CHANINTR at Noble Solo). The trust distributes not less than 90% of adjusted net income annually to unitholders, and reports quarterly distributions (Q1/2020 dividend of 0.20 THB per unit, annualized ~0.80 THB, implying ~12% yield at prevailing prices). Distribution channels are limited to trading on SET via any Thai securities brokerage, with initial unit distribution handled by Krungsri Securities as lead underwriter and a syndicate of Thai banks and securities firms.

Recent strategic activity has shifted the portfolio toward greater freehold ownership. In November 2019, AIMCG became the first Thai retail REIT to invest in freehold real estate by acquiring 6 Noble Solo units for ~THB 210 million. In 2025, unitholders approved the conversion of Porto Chino from leasehold to freehold, and AIMCG entered a partnership with TLM to revamp and rebrand Row 55 under an 'EAT-MEET-MOVE' concept. As of April 2026, NAV was THB 2,307,213,834.31 (8.0111 THB per unit); the last done price as of July 2026 was 1.75 THB per unit, implying a market capitalization of ~THB 504 million against an asset base of approximately THB 3.3 billion. Remaining portfolio leasehold life is 14.46 years as of March 2026, and reported occupancy ranges from ~84% at Porto Chino to 100% at Noble Solo.

Name

Aim Commercial Growth Freehold & Leasehold Reit

Legal name

AIM Commercial Growth Leasehold Real Estate Investment Trust

Website

https://aimcgreit.com

Company type

Public

Founded year

2019

Operating status

Operating

Short description

AIM Commercial Growth Freehold & Leasehold REIT is a Thai-listed REIT (SET: AIMCG) that invests in freehold and leasehold interests in five lifestyle and community malls across Bangkok, Udon Thani, and Samut Sakhon, generating rental income for retail and institutional unitholders.

Ownership category

akta.pro rank

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Rental income from commercial properties: AIMCG generates revenue primarily from rental income derived from its portfolio of lifestyle malls, community malls, and retail spaces. Properties include leasehold rights in UD Town (Udon Thani), Porto Chino (Samut Sakhon), Row 55/72 Court (Thonglor/Bangkok), and Noble Solo (Thonglor/Bangkok), as well as freehold interests in portions of Porto Chino and Noble Solo. The REIT also invests in freehold assets in high-potential Thonglor and Samut Sakhon locations to balance its portfolio.
2. Distribution payments to unitholders: The trust distributes not less than 90% of adjusted net income per financial year to unitholders. Projected first-year distribution rate was approximately 8% based on the IPO price of 10 THB per unit. Quarterly distributions have been made since Q3/2019, with Q1/2020 dividend of 0.20 THB per unit (annualized ~0.80 THB), representing approximately 12% yield at prevailing market prices.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

AIM Commercial Growth REIT (AIMCG) is a publicly listed Real Estate Investment Trust on the Stock Exchange of Thailand that invests in freehold and leasehold rights of lifestyle malls and community malls across Thailand. The trust's portfolio of five commercial retail properties generates rental income from retail and food & beverage tenants, which is distributed as quarterly dividends to unitholders under a policy of paying out no less than 90% of adjusted net income.

Product overview

AIM Commercial Growth REIT is a retail/commercial REIT that invests in freehold and leasehold rights of lifestyle malls and retail properties in Thailand. The portfolio comprises five properties: UD Town (lifestyle mall in Udon Thani), Row 55 (lifestyle mall in Thonglor Bangkok), Porto Chino (lifestyle mall in Samut Sakhon), Noble Solo (freehold retail units in Thonglor), and Village Hub Ratchapruek (community mall). The REIT operates under a dual strategy of freehold and long-period leasehold investments, targeting high-potential locations in Bangkok and provincial economic hubs to generate stable rental income for unitholders.

Differentiator

Problem solved

Functional benefit

Brands

• UD Town: Lifestyle mall in Udon Thani, the largest lifestyle mall in the province. Opened in 2009, featuring retail, dining, and entertainment spaces.
• Porto Chino
• Row 55
• Noble Solo
• Village Hub Ratchapruek

Products and services

• UD Town Project The largest lifestyle mall in Udon Thani province, opened in 2009, serving as a landmark shopping destination featuring retail spaces, restaurants, supermarkets, banks, and beauty clinics. Attracts 20,000–50,000 visitors daily and is one of three initial lifestyle mall investments made at the trust's IPO.
• Row 55 Project (formerly 72 Courtyard) A lifestyle mall located in the heart of Thonglor (Soi Sukhumvit 55), the central business district of Bangkok. Opened in 2015, it features a variety of restaurants and classy cafes in an exclusive lifestyle venue. Originally named 72 Courtyard, it was rebranded Row 55 and is undergoing a 2026 revamp under an "EAT-MEET-MOVE" concept through a partnership with TLM.
• Porto Chino Project The first lifestyle mall in Mahachai, Samut Sakhon, located on Rama 2 Road, the main route from Bangkok to southern Thailand. Opened in 2012, it serves as a major retail hub featuring food courts, restaurants, retail shops, and drive-through services including Starbucks and McDonald's. Occupancy stands at approximately 84%. In 2025, the property was transferred from leasehold to freehold ownership through a D-Land debt management arrangement.
• Noble Solo Project Freehold retail space investment in the Noble Solo building located in Thonglor (Soi Sukhumvit 55), a high-potential CBD location in Bangkok. All 6 retail units are fully occupied (100% occupancy) by CHANINTR (Chanintr Living), a premium furniture retailer, on a long-term lease. AIMCG acquired these freehold units for approximately 210 million THB, marking the trust as the first and only retail REIT in Thailand to invest in freehold real estate.
• Village Hub Ratchapruek Project

Quantifiable outcome

• Occupancy rate ~97% over 3-year average at UD Town, ~84% at Porto Chino, and 100% at 72 Court/Noble Solo
• +3 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• TLMcoreStrategic or Co-development Partner · 1 January 2025AIMCG partnered with TLM to revamp the ROW 55 property (formerly known as 72 Court) under the 'EAT–MEET–MOVE' concept in the heart of Thonglor. TLM provides proactive asset management to enhance profitability and long-term returns. The partnership also includes rebranding efforts for Porto Chino and 72 Courtyard properties.
• Noble Development Public Company Limited (โนเบิล ดีเวลลอปเมนท์ จำกัด (มหาชน))coreStrategic or Co-development Partner · 28 November 2019AIMCG partnered with Noble Development to invest approximately 210 million THB in freehold ownership of 6 retail units at the Noble Solo project in Thonglor (Soi Sukhumvit 55). This was the first and only retail REIT investment in freehold property in Thailand. All units are fully leased (100% occupancy) to Chanintr Living (CHANINTR), a premium furniture retailer. Noble Development and AIMCG indicated plans for future property transfers of additional Noble projects.
• Udon Plaza Company Limited (บริษัท อุดรพลาซ่า จำกัด)coreStrategic or Co-development Partner · 25 June 2019Udon Plaza is the developer and property manager of UD Town in Udon Thani. AIMCG appointed Udon Plaza as property manager for the UD Town leasehold investment. The company has deep understanding of consumer behavior and lifestyle in the region.
• D-Land Properties Company Limited (บริษัท ดี-แลนด์ พร็อพเพอร์ตี้ จำกัด)coreStrategic or Co-development Partner · 25 June 2019D-Land Properties is the developer of Porto Chino in Samut Sakhon. AIMCG appointed D-Land as property manager for the Porto Chino investment. In December 2025, unitholders approved the transfer of Porto Chino from leasehold to freehold ownership through D-Land's debt restructuring plan.
• Chetchot Company Limited (บริษัท เชษฐโชติ จำกัด)minorStrategic or Co-development Partner · 25 June 2019Chetchot is the developer and property manager of 72 Court (now ROW 55) in Thonglor, Bangkok. Appointed as property manager for the Thonglor lifestyle mall investment.
• SCB Asset Management Company Limited (บริษัทหลักทรัพย์จัดการกองทุน ไทยพาณิชย์ จำกัด)coreOthers · 1 January 2019SCB Asset Management serves as the Trustee of AIMCG, responsible for supervising the REIT Manager and safeguarding trust assets. Head office located at SCB Park Plaza, Chatuchak, Bangkok.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• WHA Premium Growth Freehold and Leasehold REIT: Thai REIT combining freehold and leasehold industrial/logistics assets, listed on SET. Comparable as a Thai-listed mixed freehold/leasehold REIT structure, though with industrial rather than retail underlying assets.
• Hemaraj Leasehold Real Estate Investment Trust: Thai industrial estate REIT listed on SET, structured similarly with leasehold property interests. Comparable as a Thai-listed REIT with leasehold investment structure, though focused on industrial tenants rather than retail.
• Tesco Lotus Retail Park Freehold and Leasehold Property Fund: Thai property fund focused on retail park assets operated under the Tesco Lotus banner. Comparable Thai retail-focused property fund with similar mixed freehold/leasehold structure and consumer discretionary exposure.
• CPN Retail Growth Leasehold REIT: Thailand's flagship retail REIT managed by Central Pattana, focused on lifestyle and shopping mall leasehold interests. Directly comparable retail mall REIT peer also listed on SET with similar tenant mix, distribution policy, and Thai consumer exposure.
• BTS Rail Mass Transit Growth Infrastructure REIT: Thai infrastructure-linked REIT listed on SET with a similar collective investment scheme structure. Comparable as a Thai-listed REIT with mandatory distribution policy and publicly traded units, though with infrastructure rather than retail underlying assets.

Broad incumbents

• Land and Houses Public Company Limited: Major Thai residential and mixed-use developer with retail components in large projects. Comparable as a Thai real estate developer with retail property exposure, though primarily residential-led rather than a dedicated REIT vehicle.
• Central Pattana Public Company Limited: Thailand's largest retail property developer and CPNREIT's sponsor, operating shopping malls nationwide. Comparable as the dominant Thai retail mall operator, though it operates as a developer/operator rather than a pure REIT vehicle.

Emerging players

• Major Cineplex Group Public Company Limited: Thai entertainment and retail venue operator with cinema, bowling, and lifestyle mall-adjacent properties. Comparable as a Thai operator of consumer-facing lifestyle and entertainment venues that compete for the same discretionary spending pool as AIMCG's tenants.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/AIM-Group-102050871436981

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aim Commercial Growth Freehold & Leasehold Reit