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SET-listed Central Pattana Plc (CPN), a property and retail developer, is looking to develop several mixed-use projects and residential projects on four land plots formerly owned by Grand Canal Land after acquiring them three years ago.
TRIS Rating affirms the company rating on Grand Canal Land PLC (GLAND) at ?BBB? with a ?stable? outlook. The rating reflects the reliable income streams the company receives from contract-based rental and service income from office and retail space, and its small business scale with assets concentrated in one location. The rating is partly enhanced by the support GLAND receives from its major shareholder, Central Pattana PLC (CPN), rated ?AA/Stable? by TRIS Rating.
KEY RATING CONSIDERATIONS
Small and concentrated recurring income base
GLAND?s property portfolio consists of office buildings and retail space for rent. The office buildings have a net leasable area of 145,453 square metres (sq.m.) plus retail space of 24,854 sq.m. located on Rama 9 road, Bangkok.