Four assets, including Indochina Plaza Hanoi and Hyatt Regency Danang, sold to Gaw Capital Partners from Hong Kong.
Indochina Land, Vietnam’s leading real estate developer and fund manager, has announced their exit from a portion of their Indochina Land Holdings 2 (ILH2) portfolio to a fund managed by Gaw Capital Partners (Gaw), a real estate fund manager headquartered in Hong Kong.
The assets sold to Gaw represent four out of the 12 projects originally invested in by ILH2: Indochina Plaza Hanoi, Hyatt Regency Danang, and two ongoing development projects in Quang Nam and Ho Chi Minh City.
“In the real estate fund management business, exit strategies are as important as investment strategies,” said Mr. Peter Ryder, CEO of Indochina Capital. “We are proud to have developed Indochina Plaza Hanoi and Hyatt Regency Danang and other award-winning properties throughout Vietnam.”
“As the term of ILH2, the real estate fund in which these properties are held, approaches its termination date we have fulfilled our duty to our fund investors and exited successfully via a sale to Gaw Capital Partners,” he added.
Mr. Michael Piro, Indochina Land’s Chief Operating Officer, noted that Indochina Land’s team of seasoned professionals will support Gaw during the transitional period and that the transfer of the properties will not affect agreements and contracts entered into between the projects and the owners of condominiums and villas at Indochina Plaza Hanoi and Hyatt Regency Danang.