<article>VinaLand, a real estate investment vehicle managed by Vietnam-based investment firm <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/vinacapital/">VinaCapital</a>, has announced the sale of its stake in its last two projects as part of its plans to liquidate next year.</article>

VinaLand, a real estate investment vehicle managed by Vietnam-based investment firm <a style="color: #000080;" href="https://www.dealstreetasia.com/tag/vinacapital/">VinaCapital</a>, has announced the sale of its stake in its last two projects as part of its plans to liquidate next year.
The AIM-listed investment vehicle said that it was divesting its stake in Green Park Estate project in Ho Chi Minh City for net cash proceeds of $35.3 million, including repayment of shareholder loans. The property consists of a total land area of approximately 15.7 hectares and has been designated for a future mixed-use development. Acquired by VinaLand in 2007, it has been sold to a local developer, Van Thanh Real Estate Investment.
VinaLand said the exit will result in an IRR of 0.9 per cent and the valuation of the property was recorded at 22.5 per cent above the unaudited net asset value on September 30, 2018.
Vietnam Opportunity Fund (VOF), the multi-asset fund of VinaCapital which also invested in Green Park Estate along with VinaLand, said it was divesting its entire stake in the project to a domestic investor for net cash proceeds of approximately $18.9 million.
VinaCapital earlier announced its strategy to reduce the exposure of VOF to direct real estate assets. With this divestment, VOF will effectively have zero exposure to direct real estate.
“In terms of investments, given the current market volatility and threats of global trade wars, we are finding more attractive opportunities in private equity and privately negotiated deals in sectors that benefit from Vietnam&#8217;s robust domestic consumption and its consumers&#8217; rising incomes and standards of living,” said VOF managing director Andy Ho.
Meanwhile, VinaLand also announced that it has received the final return from the divestment of Garland project, located in Ho Chi Minh City, with net proceeds of $0.9 million. The price, it added, was equal to the net asset value as on September 30, 2018.
&#8220;The divestment of VinaLand&#8217;s last two projects are in accordance with the stated policy to divest projects in a controlled and orderly manner.  The proceeds received from these final disposals, in conjunction with proceeds collected from earlier disposals will be used for shareholder distributions after setting aside funds to cover VinaLand&#8217;s commitments including operating and liquidation costs as the company proceeds towards delisting in 2018 and ultimately liquidation of the company in 2019,&#8221; said VinaLand managing director David Blackhall.

AIM-listed VinaLand, a real estate investment vehicle managed by Vietnam-based VinaCapital, plans to delist this year and liquidate in 2019.

VinaLand offloads stake in last two realty projects, to liquidate in 2019

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VinaLand offloads stake in last two realty projects, to liquidate in 2019

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