<article>VinaLand Limited, the real estate investment fund by Vietnam-based asset manager <a href="https://www.dealstreetasia.com/tag/vinacapital/">VinaCapital</a>, is divesting its stake in the Ho Chi Minh City-located Vina Square project to Tri Duc Real Estate Company for $41.2 million.</article>

VinaLand Limited, the real estate investment fund by Vietnam-based asset manager <a href="https://www.dealstreetasia.com/tag/vinacapital/">VinaCapital</a>, is divesting its stake in the Ho Chi Minh City-located Vina Square project to Tri Duc Real Estate Company for $41.2 million.
The net cash proceeds includes the repayment of shareholder loans, and results in an IRR of 3.3 per cent to VinaLand, the fund said in a statement.
The total valuation is recorded at 0.3 per cent above the 30 June 2017 unaudited net asset value and 13.5 per cent above the same reference in November 2016.
VinaLand also revealed that an amount of $41 million of the proceeds had been received, while it expects the exit will be closed by the end of this month.
VinaCapital’s vehicle acquired Vina Square, a three-hectare project, in 2007. Once completed, the project will provide retail space, offices as well as over 1,000 apartments.
Vina Alliances Co Ltd was established in 2008 to develop Vina Square, which was estimated to cost $210 million. Vina Alliances has a charter capital of $55 million, with 62 per cent of the equity owned by VinaCapital.
The divestment from Vina Square will help VinaLand further distribute to its shareholders under a $60 million tender offer in October.
“This divestment is in accordance with the current stated policy to divest projects in a controlled and orderly manner, and steady progress has been made with further pipeline disposals,” said David Blackhall, managing director of VinaLand.
VinaCapital has been making exits from real estate projects since earlier this year, including Times Square in Hanoi and My Gia Township and Dai Phuoc Lotus in southern Vietnam, for combined proceeds of over $112 million.
VinaCapital had been holding these projects for around a decade.
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The divestment will help the VinaCapital's real estate fund further distribute to its shareholders under a $60 million tender offer in October.

Vietnam's VinaCapital divests real estate project for $41.2m

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