VinaLand sells Pavilion Square project
VinaLand sells Pavilion Square project – VinaLand Limited has sold its entire stake in the Pavilion Square project.
The project, located in Ho Chi Minh City, Vietnam and acquired by VinaLand in 2007, is designated for a future mixed-use development. VinaLand has sold its entire stake in the project to RC12 Investment Joint Stock Company at a valuation 11.2% higher than that used to calculate VNL’s 31 March 2018 unaudited net asset value and 13.7% above the unaudited net asset value at the time of VNL’s extraordinary meeting in November 2016, with both figures including adjustments for additional investments up to the date of exit. This transaction will result in net cash proceeds of USD36.9 million, excluding repayment of shareholder loans, and at an IRR of -3.0%. At the time of this announcement, the company has received approximately 99.5% of net proceeds and the remainder is expected to be received no later than November 2018.
Speaking on the transaction, managing director David Blackhall stated, “This disposal is in accordance with the current stated policy to divest projects in a controlled and orderly manner. The proceeds received from this exit in conjunction with those collected from past and future disposals will be used to cover VNL’s commitments including operating costs and distributions to shareholders.”
VNL : VinaLand sells Pavilion Square project