CPNREIT Bond (IFC-51633)

Countries
  • Thailand
Geographic location where the impacts of the investment may be experienced.
Specific Location
Bangkok
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Sep 22, 2025
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
CPN Retail Growth Leasehold REIT
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 85.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 30, 2025

Disclosed by Bank Nov 18, 2025

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment comprises senior unsecured sustainability linked-debt by IFC, for its own account, of up to THB 2.8 billion (approximately US$85 million equivalent) through subscription to senior unsecured Sustainability-linked Bonds (SLB) proposed, to be issued by CPNREIT as part of public issuances in one or more tranches.

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

It is noted that the actions listed under this previous investment are overdue, however substantial progress has been made in closing out items. Key E&S risks and issues associated with this project will include: a) Ensuring that Life and Fire Safety requirements are met at the Central Rama 2 mall; b) implementing HR policies to promote and assure fair, safe and healthy working conditions for staff and contractors operation; c) management of contractors to ensure that they comply with labor laws, particularly in relation to protection of migrant workers , d) OHS for workers and contractors, e) community health and safety; and f) implementation of Grievance Redress Mechanisms (GRM) with workers and the community.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC’s debt investment of up to THB2.8 billion (approximately US$ 85 million equivalent) will go towards payment of the 1st 10 years of the leasehold extension on Central Rama 2, a shopping mall in Bangkok and CPNREIT’s largest asset by Gross Leasable Area with 99,330 square meters of Gross Leasable Area.

IFC's Investment as Approved by the Board: Loan 85.0 million (USD)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

CPNREIT is the largest retail focused Real Estate Investment Trust in Thailand with a portfolio of 12 high grade assets across the country. Established in 2017, CPNREIT assets include 7 shopping malls, 4 office buildings and 1 hotel with a combined Gross Leasable Area of over 365,000 square meters. Central Pattana Public Company (CPN) is the largest unitholder in CPNREIT and the property manager for the assets.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - CPN Retail Growth Leasehold REIT Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

CPN Retail Growth Leasehold REIT
Piyada Sookaimoath
Head of Treasury & Insurance
+662 667 5555 Ext 1664
sopiyada@centralpattana.co.th
31st floor, The Offices at Central World,999/9 Rama 1 Road, Patumwan, Bangkok, Thailand 10330
www.cpnreit.com

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works