28 June 2011
For immediate release
Parkson Vietnam signs Heads of Terms at World Trade Centre Danang
VinaCapital, the leading asset management and real estate development firm focused on Vietnam, announces today the signing of an agreement with Parkson Vietnam Co Ltd to rent and operate the retail mall under development at the World Trade Centre Danang, a nine-hectare mixed-used development in downtown Danang, central Vietnam.
Parkson, Vietnam’s top department store operator, will occupy a total of almost 20,000sq.m over four levels. Immediately adjoining the department store will be a 30,000sq.m, three-level shopping mall which will front the Han River.
VinaCapital managing director of real estate, Mr David Henry, said: “We are very happy to sign with Parkson, Vietnam’s largest and most successful department store operator, as it represents a crucial milestone in the development of the World Trade Centre Danang as a whole. This truly unique development will not only be the largest modern retail facility in central Vietnam, but the first-ever across Vietnam to combine a traditional shopping mall with a multi-floor department store.”
Concept planning has already started, with a delivery date planned for the second quarter of 2013.
“We are also in the final stages of negotiation with a major international hypermart operator that will occupy the first floor of the shopping mall adjoining the Parkson centre, as well as notable cinema and entertainment operators. Together, they will create one of the top lifestyle and destination shopping spots in Vietnam” David said.
The complex adjoins Azura, a 32-storey luxury apartment development which launched sales in early 2010 under the VinaLiving brand. To date, over 30 percent of the project has sold and, as one of only a few Danang projects still under construction, remains on schedule for completion by the second quarter of 2012.
“The VinaLiving brand promise is quality and value without compromise. By offering our clients a modern retail centre literally at their doorstep, we are setting a new standard for an integrated lifestyle destination with shopping, dining and recreation opportunities that will rival those in other major Asian cities,” David said.
Ms. Nguyen Duc Huong
Public Relations Director
Mr. Michael L. Gray
VinaCapital is the leading investment management and real estate development firm in Vietnam, with a diversified portfolio of USD1.7 billion in assets under management. VinaCapital was founded in 2003 and boasts a team of managing directors who bring extensive international finance and investment experience to the firm. Our mission is to produce superior returns for investors by using our experience and knowledge to identify the key trends and opportunities that emerge as Vietnam continues to develop its economy. To achieve this, VinaCapital has industry-leading asset class teams covering capital markets, private equity, fixed income, venture capital, real estate and infrastructure.
VinaCapital manages three closed-end funds trading on the AIM Market of the London Stock Exchange. These funds are: VinaCapital Vietnam Opportunity Fund Limited (VOF), VinaLand Limited (VNL), and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the USD32 million DFJ VinaCapital L.P. technology venture capital fund with Draper Fisher Jurvetson.
VinaCapital has offices in Ho Chi Minh City, Hanoi, Danang, Nha Trang, Phnom Penh (Cambodia) and Singapore. More information about VinaCapital is available at www.vinacapital.com.