Goldman, Apollo to Invest $235 Million in Tallest Thai Building

by Anuchit Nguyen

  • MahaNakhon Tower was opened in August last year in Bangkok
  • Investment expected to be completed within month of February

Goldman Sachs Group Inc. and Apollo Asia Sprint Holding Co. will invest 8.4 billion baht ($235 million) in a real estate development that includes Thailand’s tallest skyscraper.

The proposed investment — a $216 million equity injection and $18.8 million of financing — is expected to be completed within February 2017 subject to certain conditions, the building’s developer Pace Development Corp. said in a filing in Bangkok on Tuesday.

Goldman Sachs and Apollo Asia Sprint will be investing in two units of Pace and the proceeds will be used for the development and completion of the skyscraper — the MahaNakhon Tower — and an adjacent retail building. Some funds will be used to repay loans of the two subsidiaries.

MahaNakhon was opened last year and Pace says it’s the nation’s tallest building at 314 meters. The project includes luxury residences, a hotel, restaurants and retail stores. Goldman Sachs and Apollo Asia Sprint will own a combined 49 percent stake in each of the two Pace units.

Pace Development fell 5.5 percent as of 3:15 p.m. in Bangkok, after surging more than 8 percent in each of the last two trading days.