While they haven’t explicitly stated that they will do a REIT, their announcement this morning stated
“As part of its 2016 plan, Big C is also considering monetization options of part of its real estate, in particular the creation of a REIT composed mostly of its shopping centers, while continuing to fully consolidate their results. Big C owns and operates 174 shopping centers for about 800,000 m2 in rental area located in prime areas across the country. This project will facilitate Big C’s development on its attractive market and enable to create value for its shareholders. “
Well it looks like BIGC has admitted that store expansion is limited, they already consider Thailand to be a developed retail market and thus the only way they can continue to demonstrate growth as a public company is to monetise assets.
Where should you look if you want hints on valuation?
Tesco launched a property fund years ago that is mainly on leasehold assets, so I’d suggest to use that as a quick and dirty comp