VinaCapital Commercial Center Ltd announces loan agreement with BIDV
Ho Chi Minh City – VinaCapital Group, a leading asset management, investment banking and real estate firm focused on Vietnam, announces today the signing of a USD23.9 million loan agreement between the Bank for Investment and Development of Vietnam (BIDV) and the VinaCapital Commercial Center Ltd, for the development of a luxury apartment tower, the first phase in developing the World Trade Center Danang project.
Facing the Han River in the centre of the city, the World Trade Center Danang will be the most spectacular mixed-use real estate development in Danang, a top tourism destination on Vietnam’s central coast.
The nine-hectare World Trade Center project broke ground in early 2008, with piling work for the luxury apartment tower now completed and construction expected to finish in two years. The 225-apartment tower will be followed by retail shopping and commercial centres, a conference centre and hotels.
VinaCapital Commercial Center Ltd, a joint venture involving two of VinaCapital’s investment funds and a European partner, owns 100 percent of the project under an FIE licence.
At the loan signing ceremony, VinaCapital CEO Don Lam said: “We are very pleased to reach a loan agreement with BIDV that will allow us to proceed with this first building of the World Trade Center Danang project.
“The official World Trade Center designation gives the project one of the world’s most famous retail and commercial center brands. This is a great benefit for the city of Danang. The project will help transform Danang’s skyline and, in turn, promote continued growth in tourism and commercial business in the central region of Vietnam.”
Notes to Editors:
VinaCapital Group is a leading asset management, investment banking and real estate consulting firm with unrivalled experience in the Vietnamese market. VinaCapital Group was founded in 2003 and has grown from a single USD10 million fund to a diversified investment firm with over USD1.6 billion in assets under management as of July 2009.
VinaCapital manages three closed-end funds trading on the London Stock Exchange’s Alternative Investment Market (AIM). These are: VinaCapital Vietnam Opportunity Fund (VOF); VinaLand Limited (VNL); and Vietnam Infrastructure Limited (VNI). VinaCapital also co-manages the DFJ VinaCapital technology venture capital fund with Draper Fisher Jurvetson.
More information is available at www.vinacapital.com.
Ms Chi Nguyen
VinaCapital Investment Management Limited
+84 8 821 9930
Hiroshi Funaki +44 20 7845 5960
LCF Edmond de Rothschild Securities, Broker
Financial Dynamics, Public Relations (Hong Kong)
+852 3716 9802
Financial Dynamics, Public Relations (London)
+44 207 269 7100
Grant Thornton UK LLP, Nominated Adviser
+44 20 7383 5100