LONDON (Alliance News) - VinaLand Ltd on Friday said it has sold its stake in the mixed use development site Project Pham Hung for USD16.2 million, in a sale which "has taken some time" to complete.
The Vietnam-focused real estate investor said it was selling its entire stake in the project for net proceeds of USD16.2 million, which is 0.2% below the March 31 unaudited net asset value.
Project Pham Hung was purchased by VinaLand in 2007 and is a 2.4 hectare parcel of land in Hanoi, Vietnam with planning permission for a future mixed use development.
VinaLand said it had received USD13.6 million of the proceeds, with the remaining funds to be received no later than July. The proceeds have been used to cover VinaLand's commitments including operating costs, accrued performance fee and distributions to shareholders, the company added.
"This disposal has taken quite some time to reach the point whereby final closure is in sight and this exit is consistent with the ongoing realisation of projects to enable distributions to shareholders," said Managing Director David Blackhall.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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