Jan 9, 2013

Vietnam - The biggest real estate M&A deals in 2012

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VietNamNet Bridge – A lot of investors had to transfer real estate projects in 2012 when their money got exhausted. Though the real estate market was frozen, it is now still the right time to make investment in the real estate sector, when the prices get cheaper.

Daewoo Hotel Hanoi - $100 million 

In March 2012, the real estate market witnessed a big merger & acquisition (M&A) deal, under which Daewoo E&C sold its 70 percent of stakes in Daewoo project to Hanel. The Vietnamese partner which held the other 30 percent of stakes in the joint venture, became the only owner of the five star hotel, located on the golden land area of Hanoi.

Daewoo once signed an MOU on the sale of the 70 percent of stakes at $110 million to Lotte. However, finally, Hanel has become the new owner of the hotel at the price of $100 million.

Metropole Hanoi - $58.7 million

The deal of VinaCapital to transfer its stakes in Metropole Hanoi Hotel is believed to be one of the biggest deals of the year, though no official statement about the successful deal has been released so far.

In late November 2012, VinaCapital Vietnam Opportunity Fund (VOF), through Jones Lang LaSalle, offered to sell its stakes in Metropole Hanoi, 50 percent of the total, which had the book value at $58.7 million.

G.S Cu Chi - $24 million

Earlier this year, the market witnessed a big deal under which CT Group bought 95 percent of stakes in GS Cu Chi Company at $24 million, or VND480 billion, becoming the new investor of the 36-hole golf course and villa block in Cu Chi district in HCM City.

The group has been implementing a lot of projects in the southern, central regions and Central Highlands.

Satra joins hands with Filipino Ayala to develop $30 million project

The two parties have signed an MOU on the development of a complex of shopping mall and multi-story apartment block on Vo Van Kiet Boulevard in district 6 of HCM City.

In the project capitalized at 31-34 million dollars, Satra would hold the controlling stakes.

Crown Offices Building

This was described as a “quiet deal” of the year under which Viettel, a military telecom group, bought the office building of Tran Hong Quan Company. There has been no official information about the value of the deal, but sources have estimated that the building was valued at $30 million.

Dat Xanh bought a part of Thien Loc project - $14.4 million

Located in the administration center in Go Vap district, Thien Loc project is expected to cover an area of 6400 square meters where 45-81 square meter apartments would be built.

In August 2012, CT Group bought stakes of Thien Loc Company which was the developer of the Thien Loc project, to become the new owner of the project. After that, Dat Xanh spent VND300 billion to buy a part of the project – the apartments in block A1.

Gia Phu Project – VND250 billion

In October 2012, Dat Xanh Group announced its second purchase deal of the year, with which it became the new owner of Gia Phu project initially developed by Gia Phu Company.

Gia Phu project has renamed into Sunview 5 Apartment which is expected to cover an area of 5575 square meters in Thu Duc district.

Vina Properties bought Novotel Phan Thiet

In August 2012, Vina Properties Development Group announced that it wrapped up the deal of buying back the complex of hotel and golf course Novotel Phan Thiet Ocean Dunes and Gold Resort in Binh Thuan province.

The project has changed its name into DuParc Phan Thiet Ocian Dunes and Golf Resort. Besides the 18-hole golf course, the project would comprise of a four star hotel with 123 rooms to be managed by Accord Group.


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