VinaCapital and Dragon Capital pour $21 million in CenLand
Two large foreign investment funds managed by VinaCapital and Dragon Capital have spent $21 million buying a 25 per cent stake in Century Land JSC (CenLand).
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| VinaCapital and Dragon Capital are now the two strategic shareholders of CenLand |
After the deal, VOF and Dragon Capital will become the two strategic investors of CenLand.
Founded in 2002, CenLand is currently prominent in the northern real estate brokerage market. The company is the pioneer in marketing Vietnamese real estate to foreign customers.
CenLand, which has a charter capital of VND500 billion ($22 million), was valued at $84 million by Dragon Capital before receiving investment from Dragon Capital. In 2017, its total revenue reached nearly VND1.3 trillion ($57.2 million).
Dragon Capital’s biggest investment fund is Vietnam Enterprise Investment Ltd. (VEIL) that is worth $1.23 billion.
In the field of real estate alone, Dragon Capital is managing nearly $70 million through Vietnam Property Fund. Dragon Capital's investment funds deal with real estate companies such as Khang Dien House Trading and Investment Joint Stock Company and Binh Chanh Construction Investment Shareholding Company (BCCI), among others.
In last December, Dragon Capital signed an investment contract with Hai Phat Investment Joint Stock Company (Hai Phat Investment), which owns many real estate projects in Hanoi. However, the details of the deal have not been disclosed.
VinaCapital, through VOF, was recently mentioned on account of the purchase of Vietnamese pasteurised eggs and poultry meat producer Ba Huan JSC.
Apart from acquiring a significant minority stake in the company, VOF said that it may also invest moderate additional capital during the next twelve months as the company delivers on mutually agreed milestones.
