Sale of A&B Tower office proj

RNS Number : 6169A

VinaCapital Vietnam Opp. Fund Ld

12 October 2009

 



12 October 2009

RNS Reach

VinaCapital Vietnam Opportunity Fund Limited

Sale of A&B Tower office project stake

Ho Chi Minh City - VinaCapital Vietnam Opportunity Fund Limited ("the Company" or "VOF"), an AIM-quoted investment vehicle focused on Vietnam, announces today the sale of its entire equity stake in the A&B Tower office project in District 1, Ho Chi Minh City.

The Company purchased in 2004 a 50.1 percent equity stake in the A&B Tower project, now under construction. The office tower, with a gross floor area of 25,500sq.m, is expected to open in 2011. The sale price resulted in an IRR over four years of 17.5 percent. 

Don Lam, VinaCapital CEO and director of the Company, comments: "The A&B Tower sale comes at a time when the office market slowdown makes it more strategic for us to put this capital to work in other areas of the market. Vietnam's real estate market continues to grow, but the best returns currently are in the residential and retail shopping sectors. VOF continues to restructure its real estate portfolio to ensure improved liquidity and the highest possible returns over the medium to long term."

Notes to Editors:

VinaCapital Group is a leading asset management, investment banking and real estate consulting firm with unrivalled experience in the Vietnamese market. VinaCapital Group was founded in 2003 and has grown from a single USD10 million fund to a diversified investment firm with over USD1.6 billion in assets under management as of August 2009. 

VinaCapital manages three closed-end funds trading on the London Stock Exchange's Alternative Investment Market (AIM). These are: 

• Vietnam Opportunity Fund (VOF) is a USD793 million diversified investment fund that has consistently been among the top performing Vietnam funds. 

• VinaLand Limited (VNL) is a USD669 million real estate fund that was the top performing Vietnam investment fund in 2008.  

• Vietnam Infrastructure Limited (VNI) is a USD250 million fund established in July 2007 as the first fund to invest solely in Vietnam's infrastructure sector.

VinaCapital also co-manages the USD32 million DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson, and owns a dominant stake in VinaSecurities JSC, a brokerage. More information is available at www.vinacapital.com. 

More information on VOF is available at www.vinacapital.com/vof

Enquiries:

Ms Chi Nguyen

VinaCapital Investment Management Limited

Investor Relations

[phone]

[e-mail]

Hiroshi Funaki [phone]

LCF Edmond de Rothschild Securities, Broker

[e-mail]

Alastair Hetherington

Financial Dynamics, Public Relations (Hong Kong)

[phone]

[e-mail]

Andrew Walton

Financial Dynamics, Public Relations (London)

[phone]

[e-mail]

Philip Secrett

Grant Thornton Corporate Finance, Nominated Adviser

[phone]

[e-mail]

 

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