VinaCapital Vietnam Opp. Fund Ld Investment into Novaland Group
June 24 2015 - 7:20AM
RNS Non-Regulatory
TIDMVOF
VinaCapital Vietnam Opp. Fund Ld
24 June 2015
RNS Reach
24 June 2015
VinaCapital Vietnam Opportunity Fund Limited
VOF invests in convertible preferred shares of Novaland
Group
VinaCapital Vietnam Opportunity Fund Limited ("VOF" or "the
Company"), an AIM-traded investment company established to target
key growth segments within Vietnam's emerging market, announces
that it has invested USD15.0 million as part of a USD47.0 million
syndicated investment into convertible preferred shares of Novaland
Group Corporation ("NVLG" or "Novaland Group"), which specializes
in real estate investment and development in Vietnam. The
convertible preferred shares acquired by VOF carry significant
minority protections.
Novaland Group is a leading private real estate developer in
Vietnam and aims to become a recognized industry leader in the mid
to high-end segments of residential apartment complexes and landed
property. Novaland Group has established a strong reputation as a
developer which focuses on well-located mid-scale projects. The
company's projects located throughout Ho Chi Minh City and
developed under the Novaland brand were valued at USD753.4 million
as of 31 December 2014. The company has over 5,000 units either
sold, pre-sold or under development, as well as over USD190.0
million in signed contracts to acquire additional land for future
development.
Commenting on the transaction, Andy Ho, Managing Director of
VinaCapital Vietnam Opportunity Fund stated: "We believe Novaland
Group is a leading residential developer in Ho Chi Minh City with a
good track record and a large existing land bank. The company has
also done a tremendous job in reducing risk by diversifying their
projects among several residential hubs throughout the city with a
dense population and existing infrastructure.
"This investment falls within our strategy to gain exposure in
the real estate sector through listed and private companies while
seeking to divest our direct real estate holdings. We also look
forward to Novaland Group continuing on with its planned initial
public offering, which is expected to occur within the next 24
months."
More information on the Company is available at
www.vof-fund.com
Enquiries:
David Dropsey
VinaCapital Investment Management Limited
Investor Relations/Communications
+84 8 3821 9930
david.dropsey@vinacapital.com
Philip Secrett
Grant Thornton UK LLP, Nominated Adviser
+44 (0)20 7383 5100
philip.j.secrett@uk.gt.com
Hiroshi Funaki / Andrew Davies
Edmond de Rothschild Securities, Broker
+44 (0)20 7845 5960
funds@lcfr.co.uk
David Benda / Hugh Jonathan
Numis Securities Limited, Broker
+44 (0)20 7260 1000
funds@numis.com
Andrew Walton
FTI Consulting, Public Relations (London)
+44 (0)20 7269 7204
andrew.walton@fticonsulting.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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