Vietnam: Son Kim Land bags $121m funding led by EXS Capital, ACA, Credit Suisse

Vietnamese property developer Son Kim Land has closed another round of investment worth $121 million from a consortium led by existing investors EXS Capital and ACA Investments, as well as new backer Credit Suisse.

Joining the third equity financing for Son Kim Land is Skymont Capital, a real estate investment firm with a mandate in Asia and US markets. It is understood to be the first recorded investment by Skymont in Vietnam.

Meanwhile, Son Kim Investments, the parent company of Son Kim Land, will join the external investors in the latest round which is in the form of redeemable convertible loans and common equity, it said in a statement.

The Ho Chi Minh City-based firm had initially received $37 million from EXS Capital in 2013. ACA Investments joined the Hong Kong-based real estate private equity investor in a second $46-million round in 2016.

“We are delighted to increase our investment into Son Kim Land more than five times from the initial investment in 2016,” commented Hiroyuki Ono, partner at ACA Investments.

Son Kim Land is the developer of Serenity Sky Villas and Metropole Thu Thiem in Ho Chi Minh City, among other projects. The company said it will use the proceeds from the investment to continue developing its pipeline across Vietnam, including luxury residential, commercial and hospitality assets.

“As our partner since 2013, Son Kim Land continues to deliver strong results and reinforce its reputation as one of Vietnam’s best real estate developers,” Eric Solberg, CEO of EXS Capital, said.

EXS Capital has led over $650 million in alternative investments in Asia, representing over $1 billion in enterprise value, since its inception in 2007.

Meanwhile, ACA Investments has raised $70 million for its Vietnam-focused investment vehicles. The firm’s next investments in the country will focus on retail and logistics, and could save up to 15 per cent of the funds for public equity investments, Ono told DealStreetAsia earlier.

“Vietnam has become an exciting destination for investment capital. However, strategic investors take a careful view and to try to mitigate risks. With this fund, we can provide them with access to the market, especially after we have proven our success with Son Kim Land,” he said.

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.