The London-listed VinaCapital has bought a 70% stake in Ho Chi Minh City’s Omni Saigon Hotel for 22mio US$ as part of its strategy to invest in the country’s property market.
VinaCapital said on its website that its two London-listed funds, VinaLand and the Vietnam Opportunity Fund (VOF), had picked up respectively 52.5% and 17.5% of the shares.
The remaining stakes are owned by local company Vietnam YouthCo but it is not known who sold the 70% stake to VinaCapital.
At a recent news briefing in HCMC, VinaCapital’s director, Don Lam, said VinaLand had invested in the parent company of Omni Saigon but refused to provide further details.
In August last year, the two funds paid a combined 43mio US$ to acquire a 70% stake in the Hilton Opera Hanoi, which is among the most profitable hotels in the capital.
VinaCapital also holds a 29% stake in the century-old Sofitel Metropole Hanoi, another top hotel in the Vietnamese capital.
Established in 2003, VinaCapital now manages three funds with a total corpus of nearly 1 billion US$: the $600 million, London-listed VOF; 205mio US$ Vinaland; and 50mio US$ DFJ VinaCapital L.P. which invests in information and communication technology firms.
Source: Thanh Nien
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