Kudun and Partners successfully assisted Apollo in its departure from the investment structure involving CAS Capital (Thailand) Limited (Apollo’s former Thai affiliate).


Kudun and Partners, as the transaction counsel, represented Apollo Asia Service Limited (AAS) and Apollo Asia Real Estate II Cayman Holdings, LLC (AAR) along with the managing director of CAS Capital (Thailand) Limited (CAS) on the sales of their respective equity interests in AGRE Service Company Limited (amounting to 49% of all shares in AGRE Service) and CAS Service Limited (amounting to 49% of all shares in CAS Service) to the managing director of CAS. These transactions resulted in Apollo’s departure from the CAS-related investment structure, as Apollo no longer holds shares in CAS, whether directly or indirectly.

The investment structure involving CAS, which our lawyers helped establish since the inception of Apollo’s investment in Thailand years ago, served as Apollo’s only investment structure through which Apollo’s investments in Thailand had been made. Giant deals had taken place during the period of Apollo and CAS’s collaborative initiations, including the mezzanine investments in an iconic MahaNakhon building project (jointly invested with Goldman Sachs) and the CAS Centre building project, both located in prime commercial areas of Bangkok.

Both Mauritius-registered AAS and Cayman Islands-registered AAR serve as Asia-focused real estate investment arms of Apollo Global Management, Inc., one of the largest private equity firms in the United States with highly profitable real estate investments in Thailand. On the other side, CAS Capital (Thailand) Limited was Apollo’s Thai-affiliated real estate investment and asset management firm. CAS had been substantially involved in every Apollo’s highly successful investments in the country.

The transactions were led by Peerasanti Somritutai, our partner and head of real estate practice, and assisted by associates: Chavisa JinanarongChayakorn BoonsriThanchon PhetroocheangThamonwan Koosuwan, Tossavajra Siriratusdorn and Pimklao Kanchanakom.