Thailand Industrial REIT & Property Fund Market Intelligence
Thai industrial REITs and property funds hold ~THB 120bn of warehouse and factory assets. FTREIT, WHART anchor; 6-8% yields, 87-94% occupancy. EEC land prices, foreign tenant inflows lift NAVs.
Key takeaways
- 1
Thai industrial REIT, property fund segment holds an estimated of disclosed warehouse and factory portfolio assets as of FY2025, dominated by FTREIT (Frasers Property Industrial, ~ portfolio) and WHART (WHA Premium Growth, 1.9mn sqm NLA).
- 2
Distribution yields run for industrial REITs (FTREIT ~, WHART ~ forecast 2026); occupancy is with FTREIT around in 1QFY26 and WHART at in 4Q25.
- 3
EEC industrial estate land prices rose sharply: Chonburi vacant-land index at 447.6 points (+ YoY Q4 2025), Rayong at 203.6 points; Chinese, Japanese, Korean tenant relocations driven by US tariff diversification and BOI tax holidays of up to 13 years.
- 4
Industrial estates differ from commercial REITs in two ways: long-lease (15-20+ year) institutional tenants vs short-cycle retail leases, and BOI tax-holiday eligibility that anchors yield-stable, foreign-currency-denominated income for the asset class.
- 5
Sponsor developers (WHA Corporation, Frasers Property Thailand, Amata Corporation) originate assets and feed REITs through arm's-length sales; REIT-funded built-to-suit pipelines are the primary growth vector, with WHART planning a acquisition in 4Q26 (149,095 sqm) pending EGM approval.
Executive summary
Thailand's industrial REIT and property fund segment combines roughly of disclosed warehouse and factory portfolio assets across the SET-listed REIT cohort plus legacy property funds. Frasers Property Thailand Industrial REIT (SET: FTREIT, formerly TICON / TREIT) is the largest with a portfolio over , followed by WHA Premium Growth REIT (SET: WHART) with 37 logistics warehouse projects and 1.9 million square metres of net leasable area. Frasers Property Logistics REIT, CPN Retail Growth REIT (retail comparator), and a tail of legacy property funds round out the universe.[, , ]
Distribution yields run for the industrial cohort; FTREIT yields approximately with 1QFY26 income of (up year on year) and average occupancy of , while WHART forecasts a 2026 yield with occupancy rising to in 4Q25 from a 4Q23 trough near . Both REITs are sponsored by listed industrial estate developers (Frasers Property Thailand for FTREIT, WHA Corporation for WHART) that originate assets and feed the trusts through periodic acquisitions.[, , , ]
Demand pull comes from the Eastern Economic Corridor (Chonburi, Rayong, Chachoengsao) where Chinese, Japanese, and Korean manufacturers are relocating to diversify from US tariff exposure. The EEC vacant land price index reached 323.9 points in Q4 2024 (+ YoY), with Chonburi at 447.6 points (+). BOI offers tax holidays of up to 13 years for strategic EEC investment, and SEC has expanded Thai ESG fund channels into REITs and infrastructure funds (consultation June-August 2025; implementation announced October 2025).[, , ]
Industrial REIT and property fund disclosed AUM trend (THB billion, 2021-2025)
2022
AUM (THB B)
92
Context
EEC tenant pipeline rebuilds; built-to-suit acquisitions resume
2023
AUM (THB B)
102
Context
Chinese tenant inflows accelerate; Hi-Tech, Bang Pa-In, Hemraj demand
| Year | AUM (THB B) | Context |
|---|---|---|
| 2021 | 85 | Post-COVID warehouse demand recovers; FTREIT, WHART anchor cohort |
| 2022 | 92 | EEC tenant pipeline rebuilds; built-to-suit acquisitions resume |
| 2023 | 102 | Chinese tenant inflows accelerate; Hi-Tech, Bang Pa-In, Hemraj demand |
| 2024 | 112 | EEC land prices surge; FTREIT, WHART pipeline acquisitions $0.145-7bn each |
| 2025 | 120 | FTREIT portfolio >THB 53bn; WHART NLA 1.9mn sqm; FY pipeline strong |
Asset mix (% of FY2025 industrial REIT, property fund AUM)
Warehouse, logistics centres
Built-to-suit, ready-built factories
Share %
Notes
FTREIT-weighted; Hi-Tech, Bang Pa-In, Amata City Rayong
Mixed industrial, free-zone warehouse
Share %
Notes
Bonded warehouses, IEAT free-zone enclaves
Land and undeveloped parcels
Share %
6%
Notes
Land bank for future REIT injection
| Asset type | Share % | Notes |
|---|---|---|
| Warehouse, logistics centres | 52% | Bangna-Trad, EEC, Northern Bangkok; WHART, FPTREIT-weighted |
| Built-to-suit, ready-built factories | 30% | FTREIT-weighted; Hi-Tech, Bang Pa-In, Amata City Rayong |
| Mixed industrial, free-zone warehouse | 12% | Bonded warehouses, IEAT free-zone enclaves |
| Land and undeveloped parcels | 6% | Land bank for future REIT injection |
Analyst framing
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