Central Pattana, Mitsubishi form luxury retail JV
Central Pattana (CPN) and Japanese real estate developer Mitsubishi Estate Asia have formed a joint venture.
Under the agreement, CPN is a majority shareholder with a 70 percent stake in CPN Village, while Mitsubishi Estate holds the remaining 30 percent.
The deal brings the total investment to Bt1 billion ($33 million) in the push to take Central Village — a 40,000-square-meter (430,000-square-foot) luxury outlet with more than 150 domestic and international luxury brands — to the next level with the goal of making it the best luxury outlet in Asean. It would be Thailand’s first international luxury outlet.
The outlet, which delivers an authentic luxury shopping experience to those in and around Bangkok, has succeeded in reaching its traffic target of 17,000 visitors per day, the pre