SonKim Land raises $121 million in follow-up funding

By Duc Anh - Aug 05, 2019 | 11:29 AM GMT+7

TheLEADERThe Ho Chi Minh City-based property developer has successfully closed nearly $121 million in fundraising from a group of investors including EXS Capital, ACA Investments, and Credit Suisse AG.

SonKim Land raises $121 million in follow-up funding
With this latest round of fundraising, SonKim Land will continue developing its pipeline of attractive developments across Vietnam

It is a follow-up round of fundraising for SonKim Land, following the initial investment of approximately $37 million in 2013 and $46 million in 2016 that sponsored, advised and led by the Hong Kong-based investment group EXS Capital.

SonKim Land has partnered again with Singapore-based ACA Investments and Lemongrass Master Fund (an entity managed by EXS Capital), both of whom have committed additional funds to the property developer, marking the second round of investment from ACA Investments and the third from Lemongrass Master Fund.

The company has also worked with new investors, including Skymont Capital, an Asia-based investment management group, as well as Credit Suisse, one of the most active global financial institutions in Vietnam, to secure the fund in a bid to foster its developments of luxury residential commercial and hospitability properties in Ho Chi Minh City.

According to Rehan Anwer, co-head of Southeast Asia and Frontier Markets Investment Banking & Capital Markets at Credit Suisse, the financial services provider is committed to serving the diverse financing needs of entrepreneurs and it is thus proud to play a role in supporting SonKim Land’s further growth, as it fulfills its ambitions to be among Vietnam’s leading real estate investment and development companies.

“We are delighted to increase our investment into SonKim Land more than five times from the initial investment in 2016,” said Hiroyuki Ono, partner at ACA Investments. “We are pleased to respond to their achievements by bringing more capital together with new investors like Credit Suisse. We continue to support SonKim Land and look forward to greater success.”

Alongside these investors, Son Kim Investments, the parent company of SonKim Land, will also be participating in the fundraising round to continue fueling the company’s growth. The investor consortium and Son Kim Investments are investing through a combination of redeemable convertible loans and common equity.

The $121 million fundraising, according to Nguyen Hoang Tuan, chairman of SonKim Land, has marked a great milestone for SonKim Land.

“We will continue to uphold our reputation as the pioneering luxury property developer in Vietnam as well as further expand our business in larger scale projects in residential, commercial and hospitality sectors,” he said.

Since 2013, SonKim Land has grown rapidly, with its latest award-winning luxury properties in Ho Chi Minh City including Serenity Sky Villas and the launch of Metropole Thu Thiem. These developments have won several awards in Vietnam and globally, including Best Condominium in Asia-Pacific and Best International Condominium at the 2018 International Property Awards in London.