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

The Nassim residential project, developed by SonKim Land.

Vietnamese real estate developer SonKim Land Corporation has closed the first fundraising round of $46 million led by Asia-dedicated investment firm EXS Capital, 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,” Hiroyuki Ono, partner at ACA Investments, said in the statement. “Through our investment, we hope to realise potential demand from Japanese corporates hoping to expand into Vietnam and SonKim Land partnering with them.”

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.

Also read:

Vietnam: SonKim Land raises $100m from Japanese investors

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.