The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksVNL.L Regulatory News (VNL)

  • There is currently no data for VNL

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Divestment of partial stake in Capital Square

21 Nov 2014 10:15

RNS Number : 6807X
VinaLand Limited
21 November 2014
 



RNS Reach

21 November 2014

VinaLand Limited

Divestment of partial stake in Capital Square project, Danang City

Ho Chi Minh City - VinaLand Limited ("the Company" or "VNL"), the AIM-quoted investment vehicle established to target strategic segments within Vietnam's emerging real estate market, announces that it is divesting 2.07 hectares of land being the residual Phase 1 land which sits within the Capital Square project (previously known as World Trade Centre), an approximate 9 hectare site situated in Danang City.

The subject site, with a total area of 2.07 hectares, is located directly adjacent to the Azura apartment tower completed by VNL in 2012. The Capital Square site was acquired by VNL in 2006 for development into a mixed use complex, and is located in the city centre of Danang. In 2009 the project broke ground on the first residential tower, the Azura. Given the Company's ongoing divestment strategy, the Investment Manager concluded that VNL should no longer continue with the development of the commercial component of the project. VNL has signed an agreement to divest its 38.25% holding in the site to a large retail developer and mall operator who is proposing to develop the site into a modern shopping mall and hotel which, when completed, will generate significant retail and entertainment amenities in the vicinity. This could therefore act as a catalyst in driving demand for the planned residential projects on adjoining land, of which VNL is a stakeholder. To facilitate this divestment, the Investment Manager converted the Phase 1 land to commercial use while transferring the residential use to Phase 2. This transaction resulted in net proceeds of USD3.2 million for the Company which is 3% below the corresponding estimated NAV for this parcel of land at the time of the exit. Due to the transfer of land uses the corresponding comparable value of the subject land was not determined at the time of the Extraordinary General Meeting ("EGM")in November 2012. The majority of the proceeds have been received with the remainder expected to be received in the first quarter of 2015.

Speaking on the transaction, Managing Director, David Blackhall stated, "The closure of this transaction is consistent with the Company's strategy agreed at the EGM in November 2012 where shareholders supported a new three-year term, which included a revised strategy focused on the realisation of assets. Furthermore, the acquirer is proposing to commence the development of a large retail centre that will generate considerable business activity in this precinct, which could have a positive impact on demand for residential stock on the adjoining site, retained by VNL. The proceeds will be deployed to cover the continuation of the share buyback programme and operating costs of the Company."

Enquiries:

David DropseyVinaCapital Investment Management LimitedInvestor Relations/Communications+84 8 3821 9930david.dropsey@vinacapital.com

 

Philip Secrett

Grant Thornton UK LLP, Nominated Adviser

+44 (0)20 7583 5100

philip.j.secrett@uk.gt.com

 Hiroshi Funaki / Andrew DaviesEdmond de Rothschild Securities, Broker+44 20 7845 5960funds@lcfr.co.uk

 

David Benda / Hugh JonathanNumis Securities Limited, Broker

+44 (0)20 7260 1000

funds@numis.com

Andrew WaltonFTI Consulting, Public Relations (London)+44 (0)20 7269 7204andrew.walton@fticonsulting.com

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
STRUARRRSWAAUAA
Date   Source Headline
16th Jan 20194:41 pmRNSSecond Price Monitoring Extn
16th Jan 20194:35 pmRNSPrice Monitoring Extension
15th Jan 20194:41 pmRNSSecond Price Monitoring Extn
15th Jan 20194:35 pmRNSPrice Monitoring Extension
15th Jan 20192:05 pmRNSSecond Price Monitoring Extn
15th Jan 20192:00 pmRNSPrice Monitoring Extension
15th Jan 201911:06 amRNSSecond Price Monitoring Extn
15th Jan 201911:00 amRNSPrice Monitoring Extension
14th Jan 20192:00 pmRNSPrice Monitoring Extension
27th Dec 20187:58 amRNSShare Purchase and Notification of Major Holdings
24th Dec 20187:00 amRNSShare Purchase and Notification of Major Holdings
19th Dec 20181:25 pmRNSPosting of Annual Report
14th Dec 20185:41 pmRNSResults of the 2018 Annual General Meeting
12th Dec 20184:40 pmRNSSecond Price Monitoring Extn
12th Dec 20184:36 pmRNSPrice Monitoring Extension
12th Dec 20182:05 pmRNSSecond Price Monitoring Extn
12th Dec 20182:00 pmRNSPrice Monitoring Extension
12th Dec 201811:05 amRNSSecond Price Monitoring Extn
12th Dec 201811:00 amRNSPrice Monitoring Extension
11th Dec 201811:21 amRNSHolding(s) in Company
7th Dec 201812:34 pmRNSDistribution of Capital from Share Premium Account
4th Dec 201812:51 pmRNSTR-1 notification of major holdings
30th Nov 20182:00 pmRNSPrice Monitoring Extension
26th Nov 20185:30 pmRNSVinaland
26th Nov 201812:11 pmRNSCorrection to Dividend Record Date
23rd Nov 20184:55 pmRNSTR-1: Standard notification of major holdings
20th Nov 20181:51 pmRNSNotice of Annual General Meeting (AGM)
16th Nov 20182:30 pmRNSHolding(s) in Company
16th Nov 201812:26 pmRNSDivestment of projects and Distribution of Capital
5th Nov 20181:40 pmRNSQuarterly Report
30th Oct 201810:10 amRNSShare buyback
22nd Oct 201811:02 amRNSNet Asset Value(s)
12th Oct 20188:38 amRNSVinaLand Limited update
28th Sep 20189:48 amRNSAnnual Report & Financial Statements 30 June 2018
19th Sep 201810:35 amRNSInvestment Manager Shareholding
10th Sep 20182:21 pmRNSShare buyback
20th Aug 20183:23 pmRNSHolding(s) in Company
16th Aug 20182:44 pmRNSShare buyback
2nd Aug 20189:32 amRNSQuarterly Report
1st Aug 20189:24 amRNSHolding(s) in Company
30th Jul 20185:01 pmRNSHolding(s) in Company
26th Jul 201811:55 amRNSShare buyback
23rd Jul 20187:00 amRNSDivestment of 196HVT and SGPY Projects
20th Jul 20183:28 pmRNSNet Asset Value
2nd Jul 20187:00 amRNSDistribution of Capital
15th Jun 20187:00 amRNSInvestment Manager Shareholding
13th Jun 20188:07 amRNSDistribution of Capital and Divestment
11th Jun 201812:00 pmRNSShare buyback
4th Jun 20187:00 amRNSDivestment of stake in Project SDC
25th May 201812:00 pmRNSDivestment of stake in Project Romana Resort & Spa

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.