A European fund manager has agreed to a €165 million (£112 million) deal to develop residential property in Thailand.

The developments will be pursued through a partnership between the TMW Asia Property Fund and local company Ananda Development.

According to Reuters, the project is to be based in the Suvarnabhumi district, a developing area near the capital of Bangkok.

Georg von Werz, manager of Pramerica Real Estate Investors, which runs the fund, has said that this is a potentially lucrative and exciting area in terms of property in Thailand and also spoke of his happiness at the completion of the partnership.

"We're delighted to have found in Ananda the right partner to implement an investment strategy in the segment of the Thai property market that we deem most promising: participation in the rapidly growing housing market," Mr Von Werz said.

Thai property has seen a large level of investment lately, with groups from Singapore focusing around 50 billion baht (£704.5 million) in the market over the last two years.

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