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.