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VinaCapital to sell 50% stake in the Metropole

Update: December, 01/2012 - 09:34

 

The five-star hotel Metropole in Ha Noi. — VNA/VNS Photo Hong Ky
HCM CITY (VNS)— Asset management firm Vinacapital is offering its 50 per cent in the Ha Noi Metropole hotel for sale.

The fund has appointed property services provider Jones Lang LaSalle to market its stake in the 360-room hotel, which is well known for its French colonial design.

VinaCapital managing director Andy Ho said the 50 per cent stake has a book value of US$59 million, but he did not reveal his offering price. The other 50 per cent is owned by the State.

"Divestment is one of our strategies to bring profits for the fund in the long term," said Ho. "For Metropole as well as other properties of ours, we usually refer to consultants, including Jones Lang LaSalle, on the value, and if it is a good price, we will sell.

Investments by the VinaCapital Viet Nam Opportunity Fund (VOF), including the one in Metropole, have attracted interest from investors both in and outside Viet Nam and our selling decision is based on the deal value, not the market situation," he said, responding to a question about selling the stake during a difficult time in the real estate market.

The Metropole investment is the second largest one by VOF, which has a total net asset value (unaudited) of $725 million, with the first one with Vinamilk.

The fund's portfolio covers private equity, privatisation of State-owned enterprises, and real estate and private placements in listed and OTC-traded companies. — VNS

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