Goldman, Apollo Flip Bangkok's Tallest Building for Quick Return

(Bloomberg) -- The irregular shape of the MahaNakhon building isn’t the only striking feature of Bangkok’s tallest skyscraper.

Goldman Sachs Group Inc. and a local affiliate of Apollo Global Management LLC have made a quick return on their investment after selling their stakes in the 75-story tower for as much as $320 million, according to a statement late Tuesday. That’s about one-third more than the $235 million they paid just over a year ago. The filing didn’t give details on what they invested in the project since the initial purchase.

Thailand’s Pace Development Corp. plans to sell assets from the development to Thai billionaire Vichai Srivaddhanaprabha’s King Power International Group, and buy out Goldman and Apollo Asia Sprint Holding Co. from the project, according to the statement.

The 314-meter (1,030-foot) tall MahaNakhon was opened last year and includes luxury residences, a Ritz Carlton hotel, restaurants and retail stores.

--With assistance from Anuchit Nguyen

To contact the reporter on this story: Peter Vercoe in Sydney at pvercoe@bloomberg.net.

To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Andrew Davis

©2018 Bloomberg L.P.