Vietnam: Salvepar exits investments; Frasers Centrepoint to buy 70% in GHomes

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.

Also read: Vietnam: Sapphire divests stake in Refico Real Estate Group, exits project JV

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.

Also read: Vietnam’s Vinamilk shares jump on $4b stake offer report, F&N says no formal approach

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.

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.