Japanese real estate investor to take a 20% stake in Vietnamese company and provide project finance and assistance.
Japan’s Creed Group, a real estate firm specializing in principal investment and property development, signed a strategic cooperation with An Gia Investment and committed to invest $200 million in the Vietnamese partner.
Creed Group’s investment will be conducted by acquiring a 20 per cent stake in An Gia Investment, investing directly in its projects at an ownership rate of 50/50 and providing loans to develop “housing projects of Japanese quality.” It will also transfer technology and experience in property development.
According to Mr. Toshihiko Muneyoshi, Chairman of Creed Group, An Gia Investment met its investment criteria, having strategic vision, competence in developing housing projects, a professional and active sales team and, especially, young and ambitious leadership.
“These combined with the strong financial resources of the Creed Group will help An Gia Investment become a leading real estate developer in Vietnam in the time to come,” he said, adding that if Vietnam’s property market grows well the Group will pump additional capital into projects developed by An Gia Investment.
An Gia Investment’s CEO Nguyen Ba Sang said the new investment will offer the company a strong financial resource to implement its real estate projects.
Established in 2008, An Gia Investment plans to build 2,000 mid and high-end apartments each year and targets to launch 10,000 units in the center of Ho Chi Minh City by 2020. The company is currently implementing four projects worth nearly VND3 trillion ($137.46 million) and is negotiating to purchase ten land lots in the city center for $1 billion.
Creed Group, established in 1996 in Japan, is a real estate investor and developer, managing assets in countries such as Malaysia, Cambodia, Myanmar, Bangladesh, and Vietnam.