<article>VinaLand Limited, the real estate investment vehicle managed by <a href="https://www.dealstreetasia.com/tag/vinacapital/">VinaCapital</a>, has divested its remaining stake in the My Gia township project to a Vietnamese development company.</article>

VinaLand Limited, the real estate investment vehicle managed by <a href="https://www.dealstreetasia.com/tag/vinacapital/">VinaCapital</a>, has divested its remaining stake in the My Gia township project to a Vietnamese development company.
VinaLand initially acquired the project, located in Khanh Hoa Province, in 2008.
The fund announced on August 15 that it has received the entire proceeds worth $5.9 million generated from the transaction.
&#8220;This disposal is a good result for VinaLand in particular as it extinguished $2.4 million of project company debt attributable to VinaLand,” said David Blackhall, managing director of the fund.
Earlier in April 2017, VinaLand divested parts of the My Gia project to a local company for $5.5 million.
“This exit is in accordance with the current stated policy to divest projects in a controlled and orderly manner. The proceeds received from this (August) disposal will, in conjunction with those collected from past disposals, be used to cover VinaLand&#8217;s commitments including operating costs, capital contributions and distributions to shareholders,&#8221; said Blackhall.
Developers of My Gia Township were listed as VinaCapital, VinaLiving and Vinh Thai Urban Development Corporation – two companies linked to VinaCapital, according to its website.
My Gia is designed to comprise residential, retail and leisure facilities, located around 3 km from the coast of Nha Trang. The project will be developed into eight parcels of which two lots were sold in April.
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VinaLand initially acquired the project, located in Khanh Hoa Province, in 2008. 

Vietnam: VinaLand divests entire holding in My Gia township project

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Vietnam: VinaLand divests entire holding in My Gia township project

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