French investment firm Salvepar has exited three real estate properties in Vietnam while Singapore-based Frasers Centrepoint has entered a deal to purchase majority stake of 70 per cent in GHomes, a residential-cum-commercial development by An Duong Thao Dien.
Salvepar exits real estate investments in Vietnam
Euronext Paris-listed investment holding company Salvepar is exiting three real estate assets located in Vietnam. The French firm, which had co-invested with Crescent Point in October 2014, hopes to garner a total of $13.9 million.
The firm paid 5.4 million euros to acquire two resorts and an office building with a retail podium in the Southeast Asian country with Crescent nearly two years ago. Salvepar completed this investment as part of its international co-investment programme, it said in a statement.
“The closing of two of the three sale transactions has already taken place and the final sale should complete in June 2016. Most of the proceeds are expected to be received by June 30, 2016 with the residual payment to be received in 2017,” it added.
The exits mark a 2.2x multiple and a 52.4 per cent internal rate of return for the French firm.
The buyers in the stake divestments were not disclosed.
Frasers Centrepoint to acquire 70% of GHomes
Thai billionaire Charoen Sirivadhanabhakdi-backed property developer Frasers Centrepoint Limited has agreed to purchase 70 per cent of GHomes, a Ho Chi Minh City-based mixed-use project, from Vietnamese partner An Duong Thao Dien.
An Duong Thao Dien and other shareholders own the remaining 30 per cent of GHomes.
Other details of the deal were not disclosed.
The project, estimated to cost $85 million, is located on a one-hectare site near the Ho Chi Minh City’s first metro line, which is slated to be launched in 2020.
In Vietnam, the Singapore-based real estate group invested in an office building named Me Linh Point, and two serviced apartment sites, Fraser Suites Hanoi and Capri by Frasers.
Its parent firm, Fraser&Neave, is also present in Vietnam as a major shareholder in the country’s biggest dairy company, Vinamilk, holding a 11.03 per cent stake. There were rumours that the Thai owned company would allocate $4 billion for acquiring another 45 per cent stake in Vinamilk once the local state exits. However, Fraser&Neave declined the speculation.