Lombard exits Thai mall developer for 7.1x return

The stake size has not been disclosed. This is the second and final sell-down by Lombard since it made its investment in 2003. The first exit came in October 2006, when a placement of 71.9 million shares generated approximately $40 million, or 4.2x Lombard's original cost.

The latest stake sale occurred via an overnight placement managed by Credit Suisse Group. Many of the purchasers have interest in supporting Central Pattana's long-term strategy, the PE firm said in a statement.

Central Pattana develops and manages retail malls, and Lombard has worked with the company's controlling family since 2003 to refurbish CentralWorld Plaza, which it dubbed "Thailand's largest financially troubled shopping mall."

Central Pattana is the latest in a string of exits for Lombard. In July, the firm exited its stake in Thai auto parts manufacturer Somboon Advance Technology, earning a 3.5x return on its investment. That exit marked Lombard's third in Thailand over the last two years, including its 23% stake divestment in paper manufacturer S. Pack & Print to Japan's Oji Paper, also for a 3.5x return, in March. Also in July, Lombard, Actis Capital and Thailand Equity Fund (TEF) sold leading foreign-language books and magazine vendor Asia Books to Bangkok-based Berli Jucker Public Company.

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• Topics
• Southeast Asia
• Exits
• Lombard Investments