02:52 (GMT +7) - Tuesday 03/08/2021


SonKim Land raises funds from investor consortium

Released at: 16:57, 02/08/2019

SonKim Land raises funds from investor consortium

Photo: SonKim Land

$121 million investment in local real estate developer comes from EXS Capital, ACA Investments, and Credit Suisse.

by Hong Nhung

Vietnamese developer the SonKim Land Corporation announced on August 2 it has successfully closed some $121 million in fundraising from an investor consortium led by EXS Capital, ACA Investments, and Credit Suisse AG, Singapore Branch.

This is a follow-up round of fundraising for SonKim Land, following a successful initial investment of some $37 million in 2013 and $46 million in 2016, all sponsored, advised, and led by EXS Capital.

SonKim Land is pleased to be partnering again with ACA Investments and the Lemongrass Master Fund (an entity managed by EXS Capital), both of whom have committed additional funds to this round of fundraising. This is now the second round of investment from ACA Investments and the third from the Lemongrass Master Fund.

“We are delighted to increase our investment in SonKim Land more than five times from the initial investment in 2016,” said Mr. Hiroyuki Ono, Partner at ACA Investments. “We are pleased to respond to their achievements by bringing more capital together with new investors like Credit Suisse. We continue to support SonKim Land and look forward to greater success.”

“We are pleased to sponsor this third round of investment in SonKim Land with additional investment from the Lemongrass Master Fund,” said Mr. Eric Solberg, CEO of EXS Capital. “As our partner since 2013, SonKim Land continues to deliver strong results and reinforce its reputation as one of Vietnam’s best real estate developers.”

SonKim Land is also working with other new investors in this fundraising round, including Skymont Capital, an Asia-based investment management group, as well as Credit Suisse, one of the most active global financial institutions in Vietnam.

“Credit Suisse is committed to serving the diverse financing needs of entrepreneurs and we are proud to play a role in supporting SonKim Land’s further growth as it fulfills its ambitions to be among Vietnam’s leading real estate investment and development companies,” said Mr. Rehan Anwer, Co-head of Southeast Asia and Frontier Markets Investment Banking & Capital Markets at Credit Suisse. “This transaction demonstrates continued international investor interest in Vietnam.”

“We look forward to working with SonKim Land as well as the co-investors to create exceptional value for all stakeholders in one of the fastest-growing markets in the region,” said Mr. Alex Lin, Managing Partner at Skymont Capital. “This investment exemplifies Skymont’s continued commitment to the region.”

Alongside these investors, Son Kim Investments, the parent company of SonKim Land, will also be participating in this fundraising round to continue fueling the company’s growth. The investor consortium and Son Kim Investments are investing through a combination of redeemable convertible loans and common equity.

With this latest round of fundraising, SonKim Land aims to continue developing its pipeline of attractive developments in Vietnam, including luxury residential, commercial, and hospitality developments in Ho Chi Minh City.

“The success of this $121 million in fundraising, with investments from prestigious international investors, marks a great milestone for SonKim Land,” said Mr. Nguyen Hoang Tuan, Chairman of SonKim Land. “We will continue to uphold our reputation as the pioneering luxury property developer in Vietnam as well as further expand our business in larger scale projects in the residential, commercial, and hospitality sectors.”

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