Indochina Land sells Indochina Plaza Hanoi, Hyatt Regency Danang
Indochina Land sells Indochina Plaza Hanoi, Hyatt Regency Danang
The fund management company Indochina Land has recently announced the transfer of four projects in Vietnam to another partner.
Indochina Land has partially divested itself of Indochina Land Holdings 2 (ILH2) to GAW Capital Partners (GAW), a Hong Kong-based fund management company.
The projects transferred to GAW are four out of 12 projects that ILH2 invested in initially including Indochina Plaza Hanoi, Hyatt Regency Danang and two others that are being developed in Quang Nam and Ho Chi Minh City.
Indochina Plaza Hanoi is a complex of premium apartments and offices at No. 241 Xuan Thuy Road, Hanoi, with a 16-storey office tower, two apartment towers of 32 and 36 storeys, totalling 31,214 m2 of basement, 14,000m2 of office space, shopping mall from the 1st to the 5th floors, and 386 luxury apartments.
Hyatt Regency Danang is a luxury resort in Da Nang, including a 5-star hotel, 174 luxury apartments and 27 luxury villas.
These projects have been completed and put into operation. The two others are being implemented.
CEO of Indochina Capital Peter Ryder said: "The divestment strategy is as important as the real estate investment strategy. We fulfill all obligations to our investors by successfully selling these projects for GAW Capital Partners."
Mr. Michael Piro, CEO of Indochina Land, said that the transfer of these projects would not affect contracts signed with the owners of apartments and villas in both Indochina Plaza Hanoi project and Hyatt Regency Danang.
