Vi­na­land sells stake in Vina Square for $41 mn

Mint Asia ST - - Inside - PRAMUGDHA MAMGAIN

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.

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