Capitaland: Established JV Vietnam Joint Venture co (VJV) with Mitsubishi Estate Asia and GIC Real Estate. Capitaland will own 50% for US$100m whilst other co.s will each hold 25% for US$50m. Purpose of VJV is to invest in residential dev projects in major cities Ho Chi Minh and Hanoi…
VJV will acquire 4 of Capitaland’s invt co.s in Vietnam for $66.3m. Currently one of the invt co.s has already invested in a project in Vietnam and Capitaland will hold a 30% interest reduced from 60% before setup of VJV. Capitaland has another separate vehicle with a 70% stake in a US$40m Ho Chi Minh residential project as announced on the 23rd Oct...
Note that both KepLand and Capitaland have been investing in Vietnam as nxt location for growth
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