VinaCapital's Vietnam Opportunity Fund picks up preferential shares in prominent southern real estate developer.
VinaCapital’s Vietnam Opportunity Fund (VOF) recently announced that with another group of investors it had acquired preferential shares in the Novaland Group worth a total of $47 million, of which VOF outlaid $15 million.
Novaland is one the leading real estate enterprise in the south of Vietnam with a range of apartment projects in the mid and upper segments, including Sunrise City, RiverGate, Tropic Garden, Lexington Residence, Galaxy 9, and Icon 56.
According to VOF, the total value of projects being developed by Novaland as at December 31, 2014 was more than $753 million. Novaland has recently been involved in a series of M&A deals to expand its presence.
At the end of May the total net asset value of VOF stood at more than $701 million, $107 million of which had been invested in real estate projects while $75 million had been invested in real estate stocks.