BANGKOK — A retail juggernaut will take possession of the nation’s tallest skyscraper and put its name on it in a deal valued at over 10 billion baht.
King Power CEO Aiyawatt Srivaddhanaprabha said Tuesday that his company has already invested 14 billion baht in acquiring key assets of the 77-floor MahaNakhon building in the Sathon area from Pace Development, including its observation deck and MahaNakhon Cube lifestyle center.
Under the proposed terms, MahaNakhon would be renamed King Power MahaNakhon, Aiyawatt announced at Tuesday’s news conference.
The deal was signed by King Power MahaNakhon, a subsidiary registered late last month.
Terms of the deal were not readily available. Overleveraged Pace Development has been mired in debt after it bought American restaurant chain Dean & DeLuca four years ago.
MahaNakhon is located on Narathiwas Road and opened in December 2016. It exceeded the Baiyoke II Tower to become the tallest building in Thailand at a height of 341 meters.
Pace shares were trading down slightly at 55 satang as of Wednesday afternoon. Founded in 1985 by Vichai Srivaddhanaprabha, King Power International Group Co. Ltd. is privately held.