VNL.L Regulatory News (VNL)

28 Mar 2008 07:02

VinaLand Limited28 March 2008 Press release: VinaLand Limited ("VinaLand" or "the Company") VinaLand announces groundbreaking ceremony for Capital Square project VinaLand Limited, an investment company trading on the AIM market of the LondonStock Exchange, is pleased to announce the 27 March 2008 groundbreaking ceremonyfor the first phase of the Capital Square urban centre project in Danang,central Vietnam. VinaLand received an investment licence on 27 July 2007 to develop 2.5 ha of a 9ha site in Danang, a coastal resort and one of Vietnam's top tourismdestinations. The first phase of the project, due for completion in 2011, willsee construction of luxury apartments, a commercial centre, a 5-star hotel andan office building. Two subsequent phases of the project will see construction of additionalhigh-rise apartments, luxury villas, an international school, a 4-star hotel anda conference centre. VinaLand owns a 75 percent interest in the Capital Square project, with VietnamOpportunity Fund holding the remaining 25 percent interest. Total investment forall three phases is expected to reach USD 325 million. Both funds are managed byVinaCapital, one of the largest investment managers in Vietnam. Commenting on the groundbreaking, VinaLand director and VinaCapital CEO Don Lamsaid, "We are excited to reach the implementation phase of the Capital Squareproject, which will see world-class commercial, residential and leisurefacilities developed near the heart of Danang." "VinaCapital is pleased to be the top foreign direct investor in Danang, one ofVietnam's fastest growing cities," Don added. Notes to Editors VinaCapital Group is one of the largest fund managers in Vietnam. The Groupcombines its deep market experience and networks to generate strategicinvestment and financing products, alongside merger and acquisition activities.VinaCapital manages total assets valued at approximately USD 2 billion under itsfour funds: • Vietnam Opportunity Fund (VOF) is VinaCapital's flagship fund. Established in 2003 with initial capital of USD 10 million, it now has a net asset value of USD 988 million (at 29 February 2008). It invests in core and fast growing economic sectors as well as many leading companies in Vietnam. • VinaLand Limited (VNL) is a real estate fund established in March 2006 which now has net assets of approximately USD 655 million (at 28 December 2007). Through VOF and VNL, VinaCapital currently manages an extensive real estate portfolio across all sectors of the property market and including many leading hotels in Vietnam, such as the Sofitel Metropole Hanoi, Hilton Hanoi Opera and Omni Saigon Hotel. • Vietnam Infrastructure Limited (VNI) was established in July 2007 with initial capital of USD 402 million. It was the first fund established to invest purely in Vietnamese infrastructure assets such as energy, transportation, water supply and treatment, and telecommunications. • DFJ VinaCapital L.P. is a joint venture between VinaCapital and Draper Fisher Jurvetson - a leading American venture capital group. The fund, with initial capital of USD 30 million, invests in Vietnam's emerging technology sector. VinaCapital currently employs over 180 investment personnel in its offices in HoChi Minh City, Hanoi, Danang, Nha Trang and Hong Kong. More information on theGroup can be found at www.vinacapital.com. Details on VinaLand are available directly at www.vinaland-fund.com. For further details, please contact: Ms Chi Nguyen +84 8 821 9930VinaCapital Investment Management Limited chi.nguyen@vinacapital.comInvestor Relations Philip Secrett +44 20 7383 5100 philip.j.secrett@gtuk.comGrant Thornton Corporate Finance, Nominated Adviser Hiroshi Funaki +44 20 7845 5960LCF Edmond de Rothschild Securities, Broker funds@lcfr.co.uk David Cranmer +44 20 7831 3113Financial Dynamics, Public Relations david.cranmer@fd.com This information is provided by RNS The company news service from the London Stock Exchange