News Detail

Date/Time
27 May 2020 18:39:00
Headline
Notification of Exercise of Rights under Lease Agreement
Symbol
LUXF
Source
LUXF
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No. TT/IM 140/2020                    28 May 2020


Re     Notification of Exercise of Rights under Lease Agreement

To    The President
    The Stock Exchange of Thailand

    As TMB Asset Management Company, Limited (the "Management Company") on behalf 
of the Management Company of Luxury Real Estate Investment Fund ("LUXF") has
received additional information from Sustainable Luxury Hospitality (Thailand)
Limited ("SLH") as the lessee of the property invested by LUXF i.e. the Six
Senses Yao Noi located on Yao Noi Island, Amphoe Koh Yao, Phang Nga Province
(the "Hotel") on May 25, 2020, to exercise its rights under the lease agreement
in refrainment from the Fixed Rent payment for the duration of the Force Majeure
event. Formerly, SLH would like to exercise such rights for the rent duration
from April 2020 onwards until such Force Majeure event would end. From the
additional information received, SLH would like to exercise such rights for the
rent duration from March 2020 onwards until such Force Majeure event will end.
This is due to the pandemic of Corona Virus 2019 (Covid-19) which has
continuously affected since March 2020 until now, resulting in a significant
decrease in the number of tourists visiting Thailand, and the hotel business is
one of the businesses affected by such a crisis.

    The Management Company has considered the element of the pandemic of Corona 
Virus 2019 (Covid-19) and the effect from the turnover of the Hotel, the
Management Company by the resolution of the investment committee on May  27,
2020, has approved SLH to exercise such rights under the lease agreement. In
addition, the Management Company will discuss with SLH in seeking any necessary
and appropriate measures and will decrease any fixed cost of maintaining the
asset of property fund to be in good condition for seeking benefit afterward,
for minimizing effect from this crisis to the unitholders of LUXF.


                            Yours faithfully,


                            

       
       Phiphat Phisanuwongrak

         Authorized Signatory
   
______________________________________________________________________
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