Dossier · supplementary detail

Two raises, no leverage, one escrow discipline.

Two raises, no bank leverage at any point. Capital is called when there is a subscribed acquisition to deploy it against — never ahead of one.

No loan, no leverage risk

Both tranches are cash subscriptions, escrowed until deployment. There is no bank debt anywhere in the structure — not at first close, not at the second raise. The risk this removes: no lender can call a loan, force a sale, or add a floating-rate cost that moves against the thesis if credit conditions tighten. See risk for what is not removed by this.

Q3 2026 — First close

฿150M raised, cash, no leverage. Escrow releases only against subscribed acquisitions.

Q4 2026 – Q2 2027 — Stabilise

Cash flows stabilised, tenants placed on multi-year leases, second raise prepared.

~Q3 2028 — Second raise

฿150M more, same structure: cash, escrowed, unlevered. Timed to deploy into the corridor repricing window as the 2028–2030 transit deliveries approach.

2028–2030 — Ride the build-out

Infrastructure and redevelopment deliveries reprice the corridor holdings across both tranches.

10-year horizon — Exit

Selective exits, refinancing, secondary sales. Role 3 units first if the market tightens.