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.