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National Mixed-Use

Apollo, Goldman Drop $235M On Tallest Thai Tower

MahaNakhon
Photo credit: Wikimedia/tongeron91

An Apollo Global Management affiliate and Goldman Sachs are set to pour $235M into a Thai mixed-use development that includes the country’s largest skyscraper.

Apollo Asia Sprint Holding and Goldman are investing in two units of Pace Development, with the total investment consisting of $216M in equity and $18.8M in financing, Bloomberg reports. The deal is expected to close by February with proceeds from the investment going toward development of MahaNakhon Tower, Thailand’s tallest building, along with a nearby retail building.

The project includes a hotel, multiple restaurants, luxury apartments and retail stores. Goldman and Apollo will own a combined 49% stake in each Pace unit upon the deal’s completion. [Bloomberg]

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