VNL has announced to sell its stake in the three-hectare Vina Square project located in Ho Chi Minh City to Tri Duc Real Estate Company for US$41.2 million, which is equal to the net asset value of June 30. After repaying shareholder loans, VNL received US$41 million. The project has been developed by Vina Alliances Co Ltd which was established in 2008 and has a charter capital of $55 million, with 62 per cent of the equity owned by VinaCapital.
“This is in accordance with the divestment policy of projects in a controlled manner,” said Managing director of VinaLand David Blackhall.
Since the beginning of this year, VinaCapital has divested of a series of real estate projects, including Hanoi-located Times Square project and the Dai Phuoc Ecological Tourism Urban Area with US$112 million profit.
Currently, there are VNL’s investments in Pavilion Square, Trinity Garden and Green Park in Ho Chi Minh City, Aqua City and Phu Hoi City in Dong Nai; and Capital Square in Đa Năng. The fund’s total assets were about US$244 million.
VNL’s divested projects since 2016 (Source: VinaCapital)
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