A consortium led by KKR that includes Temasek has completed the acquisition of an investment in Vinhomes Joint Stock Company, the leading integrated real estate developer in Vietnam.
The KKR-led consortium has collectively invested VND15.1 trillion (US$650 million) which translates into a 6 per cent equity stake in Vinhomes. KKR is making the investment primarily from its Asian Fund III.
KKR stated in a release that the investment from the KKR-led consortium underscores the attractiveness of Vietnam as a regional investment destination with its strong development and growth prospects.
It further emphasizes the attractiveness of Vinhomes as an investment opportunity given its position as Vietnam’s leading integrated real estate platform with unparalleled execution capabilities, access to sizeable land bank and significant growth opportunities in residential, commercial and industrial real estate.
The investment is made after Vinhomes announced an ambitious business plan. Accordingly, Vinhomes aims to earn a revenue of around $4.2 billion and profit of $1.3 billion, an increase of 88 per cent and 27.5 per cent compared to last year.
Vinhomes is developing several large-scale townships, including Vinhomes Ocean Park and Vinhomes Smart City in Hanoi, and Vinhomes Grand Park in Ho Chi Minh City.
Ashish Shastry, co-head of Private Equity for KKR Asia Pacific and head of Southeast Asia, said, “We are truly honored to have the opportunity to invest in a successful, leading business like Vinhomes which is an integral part of the consumer services ecosystem within the Vingroup family. This investment exemplifies the type of platinum brands and management teams KKR looks to work with in Southeast Asia. Today’s announcement further underscores our strong commitment to Vietnam, where KKR has been active and present for nearly a decade.”
Nguyen Dieu Linh, chairwoman of Vinhomes said, “We are pleased to welcome KKR as a shareholder in Vinhomes, and believe that the investment demonstrates the confidence of international investors in Vinhomes, Vingroup and the Vietnamese market. As a reputable, world-class institution, KKR’s expertise and proven track record of helping companies achieve long-term success will be valuable as we work together to enhance value for Vinhomes shareholders.”
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