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Private equity trust Ally Kex receives $55m for Thai property bets

Seed funds will be used to acquire late-stage real estate projects

Thailand's Ally Kex is eyeing cash-strapped properties in nearly completed projects in the Bangkok area. (Source photos by AP and Ally Kex) 

BANGKOK -- Ally Kex Private Equity Trust, Thailand's first private equity trust dedicated to real estate and open to retail investors, has received seed funding of 2 billion baht ($55 million) from Thai-based mall developer K.E. Group, according to an announcement. The capital will be invested in late-stage property projects whose developers are facing liquidity problems.

In a pandemic-led demand shift in the Thai property market, homebuyers have recoiled from condominiums and turned to suburban housing developments, leaving many under-construction condo projects unsold, said Ally Kex Managing Partner Panon Leelamanit, in an interview with DealStreetAsia.

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