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Vina Square has a total land area of approximately three hectares and was acquired by VinaLand in 2007, when the land was designated as a future development site.
VinaLand is divesting its entire stake in the project to Tri Duc Real Estate Company Limited, a Vietnamese development company for net cash proceeds of approximately $41.2 million, including the repayment of shareholder loans, resulting in an IRR of 3.3 per cent to VinaLand.
The total valuation is recorded at 0.3 per cent above the June 30, 2017 unaudited net asset value and 13.5 per cent above the unaudited net asset value at the time of VinaLand’s extraordinary meeting in November 2016. Both figures include adjustments for additional investments up to the date of exit.
At the time of this announcement, $41.0 million or 99.5 per cent of the net proceeds have been received by VinaLand. It is expected that the full proceeds will be received by the end of this month.
Speaking of the transaction, managing director David Blackhall stated that, “This divestment is in accordance with the current policy to divest projects in a controlled and orderly manner, and steady progress has been made with further pipeline disposals.”
“The proceeds received from this disposal will, in conjunction with collections from earlier disposals including prepayment advances for future pipeline disposals, will be used to cover VinaLand’s commitments on operating costs, capital contributions, and further distributions to shareholders," he said.