BANGKOK, Aug 5 (Reuters) - Thai real estate companiescontrolled by Charoen Pokphand Group (CP) and TCC Group plan toraise a combined 28 billion baht ($891 million) from sellingseparate property funds to the public, fund manager Krung ThaiAsset Management said.
CP Land Co Ltd, controlled by the country's richest man,Dhanin Chearavanont, aims to raise up to 10 billion baht fromtransferring several office buildings to the leasehold fund,Krung Thai's chief executive officer, Somchai Boonnamrisi, toldreporters on Monday.
TCC Land Co Ltd, which is part of the property business ofTCC Group, controlled by billionaire Charoen Sirivadhanabhakdi,also plans to raise the size of its 2.5 billion baht Thai RetailInvestment fund to around 20 billion baht, Somchaisaid.
The IPO process of the two funds is expected to be completedby the end of this year, the fund manager said.
Earlier this year, TCC Land raised the size of its ThaiCommercial Investment fund to 27 billion baht fromalmost 2 billion baht.
CP and TCC are among leading Thai firms that have bought upoverseas assets in the past few years, adding debt to theirbalance sheets.
Last year, CP Group agreed to buy Ping An Insurance from HSBC for $9.4 billion, while Charoen'sTCC Group and its flagship company, Thai Beverage,bought Singapore's Fraser & Neave for $11 billion inJanuary.