Vietnam: Vinacapital exits realty project; Evolable Asia buys Punch Entertainment

Recent developments in the deal landscape in Vietnam saw VinaCapital, the country’s leading asset management firm, fully divest a township project located in Dong Nai province. In another deal, Evolable Asia of Japan acquired Punch Entertainment Vietnam, a game developer.

VinaCapital fully divests Dai Phuoc Lotus

Vietnam Opportunity Fund (VOF) and VinaLand Limited (VNL), two investment funds managed by VinaCapital, have announced the divestment of their entire stakes in Dai Phuoc Lotus, a soon-to-be residential and township development in southern Vietnam, to companies of the China Fortune Land Development Group.

The 198.5 hectare site, acquired by VNL in 2007 comprising six development zones, is currently undergoing its first phase of construction and sales in one zone. A further zone has also received master plan approval for development.

Following the exit, VOF and VNL will receive net cash proceeds of $16.5 million and $48.8 million, respectively. The divestment gave a three per cent internal rate of return to the real estate vehicle.

The transactions were made in line with VinaCapital’s strategy to reduce its direct real estate holdings.

“With the closure of this divestment, VOF’s exposure to direct real estate falls to approximately 5 per cent of total NAV. This is a significant milestone in the company’s ongoing strategy to reduce direct real estate holdings, and enables VOF to remain opportunistic in areas of the market where we see significant upside, namely privately negotiated deals and OTC investments,” said Andy Ho, managing director of VOF.

Meanwhile, VNL director David Blackhall said that the proceeds from this divestment as well as past and future disposal money will be used to cover VNL’s commitments including operating costs and distributions to shareholders.

VOF’s net asset value by April 7, 2017 had reached $922 million, while VNL’s value stood at $298.8 million in the end of March 2017.

Also read: VinaCapital vehicle completes exit from SEATH

VinaCapital has $120m for investment alongside new $200m PE fund

Evolable Asia acquires Punch Entertainment

Japanese IT services provider Evolable Asia has entered an agreement to take over Hanoi-headquartered mobile games developer Punch Entertainment of Vietnam from Tokyo-listed DeNA Company.

Financial details of the deal were not disclosed.

Post acquisition, which is expected to complete by May 16, Punch Entertainment Vietnam will become a subsidiary of Evolable Asia.

The Japanese buyer said that the mobile game industry is snowballing in Japan and will continue to grow in 2017. In response to the increasing needs for game development, Evolable Asia looks to expand the business through Punch’s track record of providing games on multiple platforms for publishers in the US as well as other countries.

DeNA acquired the Vietnam-based company from US firm Punch Entertainment in 2011 to enhance the engineering staff for its social gaming network.

Punch Entertainment Vietnam was founded in 2005 and currently has a capital base of more than $504,000, according to an announcement by Evolable Asia.

The acquisition will boost Evolable Asia’s offshore IT team to more than 700 people, the company said.

Evolable Asia, with offices in Hanoi, Danang and Ho Chi Minh City in Vietnam, has been reviving its presence through partnership with other Japanese companies. Earlier this month, its Vietnam-based unit formed joint ventures with GREE and Dentsu, GREVO Co Ltd and Dentsu Techno Camp, respectively, to provide games and apps as well as digital marketing services.

Also read: 

Japanese cos bullish on Vietnam in 2016, signed 20 deals

Japan’s IMJ Investment Partners scouts for more deals in Vietnam

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.