VinaCapital has recently completed its acquisition of a 50 percent stake in VinaProjects, the provider of work management and supervision services.
Information from VinaCapital said that on May 15, this company completed its acquisition of a 50 percent stake in VinaProjects from its joint venture partner namely inProjectsGroup that has headquarters in Hong Kong and specialises in providing real estate services.
After this acquisition, VinaCapital will hold 100 percent stake in VinaProjects.
Reportedly, in December 2009, VinaCapital and inProjectsGroup established VinaProjects joint venture with the goal of providing project management services and construction supervision, urban planning and technical consulting services for real estate projects in Vietnam.
VinaProjects has undertaken many large urban development projects in cities of Vietnam, including Azura Da Nang project, BMW offices in Hanoi and project management to upgrade the New World Saigon Hotel.
Leader of VinaCapital said that following this deal, the company will continue to maintain strategic relations with inProjectsGroup to work together for a number of projects in Vietnam and other countries in Indochina.
In addition, Niall Gilfillan has been appointed as new CEO of VinaProjects, who has experience in construction sector, project management, planning and financial control. Gilfillan has ever participated in managing many projects such as VMS Asia project, Ban Phuc Nickels and TWL & Tricom Vietnam.
VinaCapital is now managing three investment funds in Vietnam namely VOF, VNI and VNL with total assets as of the end of May at $1.5 billion. In the portfolio of three funds, real estate and hotel sectors have total assets of nearly $840 million.