<article>Vietnamese real estate developer <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=SonKim+Land">SonKim Land Corporation</a> has closed the first fundraising round of $46 million led by Asia-dedicated investment firm E<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=EXS+Capital">XS Capital</a>, the realty firm said on Wednesday.
As part of the expected $100-million follow-up fundraising round, the first closure is subscribed as redeemable convertible loans into SonKim Land.</article>

Vietnamese real estate developer <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=SonKim+Land">SonKim Land Corporation</a> has closed the first fundraising round of $46 million led by Asia-dedicated investment firm E<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=EXS+Capital">XS Capital</a>, the realty firm said on Wednesday.
As part of the expected $100-million follow-up fundraising round, the first closure is subscribed as redeemable convertible loans into SonKim Land.
In the round, the company also partnered with ACA Investment, a Japanese fund manager based in Singapore. Earlier, ACA had invested in Vietnamese companies such as Bibo Mart and Cung Mua.
“This is our fifth investment in Vietnam; we have explored more than 100 opportunities in this country and found SonKim Land one of the few companies with a disciplined and visionary team,&#8221; Hiroyuki Ono, partner at ACA Investments, said in the statement. &#8220;Through our investment, we hope to realise potential demand from Japanese corporates hoping to expand into Vietnam and SonKim Land partnering with them.&#8221;
The company plans to use the additional funds to develop projects in the pipeline across Vietnam, including residential and commercial developments in Ho Chi Minh City.
Prior to the follow-up round, EXS Capital made an initial investment of $37 million in SonKim Land through the Lemongrass Master Fund in 2013. Since then, SonKim has developed several award-winning properties, including Gateway Thao Dien and The Nassim through joint ventures with Hamon Developments and Hongkong Land respectively.
EXS Capital has led over $450 million in alternative investments in Asia, representing over $1 billion in enterprise value, since its inception.
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<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/vietnam-sonkim-land-raises-100m-from-japanese-investors-61365/">Vietnam: SonKim Land raises $100m from Japanese investors</a>

Vietnam: SonKim Land hits first close of $46m follow-up round led by EXS Capital

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Vietnam: SonKim Land hits first close of $46m follow-up round led by EXS Capital

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