The fund is the third in a series of Vietnam-focused real estate funds sponsored by Indochina Capital and managed by the group’s real estate division, Indochina Land.
With total capital commitments of $180.3 million, ILH3 increases Indochina Land’s total funds under management to nearly $500 million across three private, closed-ended real estate funds.
“Despite the challenging investment climate, our core base of global institutional investors continues to recognise the potential of Vietnam’s real estate market,” stated Peter R. Ryder, managing director of Indochina Capital.
“Subscribers to our latest real estate fund represent leading institutional investors, the
great majority of whom have participated in our previous funds, demonstrating enduring confidence in our ability to generate superior returns,” he added.
According to Ryder, the investment strategy for ILH3 will focus on urban and suburban residential
properties and mixed-use developments with significant residential components in Vietnam’s two primary urban markets: Hanoi and Ho Chi Minh City.
“Vietnam’s major urban centres continue to benefit from the country’s positive economic growth,
compelling demographics and rapid urbanisation,” commented Ryder. “In the context of global real estate investment, Vietnam’s residential property market has demonstrated attractive domestic demand dynamics, supported by the country’s long term fundamentals,” he concluded.
IndochinaLand, voted by Euromoney magazine as the “Best Developer in Vietnam” in its 2009 real estate poll, is recognised as Vietnam’s most prominent residential and mixed-use developer.
The group’s portfolio of projects features urban residential and urban mixed-use developments, including the $160 million Indochina Plaza Hanoi complex, an integrated residential and commercial complex; Indochina Riverside Towers, Danang’s first international standard mixed-use development; and River Garden, an urban residential project in District 2 of Ho Chi Minh City.
Other acclaimed developments include hospitality projects with branded residences in the central coast, such as The Nam Hai, an awarding winning resort located near Hoi An; the Montgomerie Links Golf Course and Estates, the central coast’s first 18-hole golf course; and the $130 million Hyatt Regency Danang Resort and Spa development.
In December 2010, Indochina Land will be opening an all villa resort on Con Dao Island managed by Six Senses and, in 2011, expects to complete Indochina Plaza Hanoi, as well as open the much anticipated Hyatt Regency Danang Resort and Spa.