Vinaland sells stake in Vina Square for $41 mn
Hanoi: Vinaland Ltd, the real estate investment fund of Vietnam-based asset manager Vinacapital, is divesting its stake in the Ho Chi Minh City-located Vina Square project to Tri Duc Real Estate Company for $41.2 million. The net cash proceeds include the repayment of shareholder loans, and will result in an internal rate of return of 3.3% to Vinaland, the fund said in a statement. The total valuation is recorded at 0.3% above the 30 June 2017 unaudited net asset value and 13.5% above the same reference in November 2016.
Vinaland also revealed that an amount of $41 million of the proceeds had been received, while it expected the exit to close by the end of this month.
Vinacapital’s vehicle acquired Vina Square, a three-hectare project, in 2007. Once completed, the project will provide retail space, offices as well as over 1,000 apartments. Vina Alliances Co. Ltd was established in 2008 to develop Vina Square, which was estimated to cost $210 million. The firm has a charter capital of $55 million, with 62% of the equity owned by Vinacapital.