Ha Noi — BIM Land Joint Stock Company, a real estate development arm of BIM Group, has secured up to US$50 million in financing from Credit Suisse AG, Singapore Branch (Credit Suisse). The financing consists of a committed base size of $35 million with a $15 million greenshoe. This is the second offshore loan BIM Land has successfully arranged this year with international lenders. The first offshore loan ($87.5 million) was signed earlier this year with the International Finance Corporation (IFC).
The combined up to $137.5 million in financing from both IFC and Credit Suisse are intended to support BIM Land’s property projects in Viet Nam's Quang Ninh Province and Phu Quoc Island, with the IFC’s financing package also supporting BIM Land’s project in Vientiane, Laos.
This financing comes at a time of major momentum for BIM Land, which focuses on providing a wide range of property projects from high-rise apartment complexes and townhouses to tourism-led properties such as condotels, beach villas, hotels and resorts.
The majority of BIM Land projects are located in tourism-led areas of Viet Nam and Laos, so it is anticipated these projects will attract considerable demand from domestic and international tourists, creating more jobs and boosting the local economies.
Doan Quoc Huy, CEO of BIM Land, said: “Our ability to secure financing from international lenders such as IFC and Credit Suisse demonstrates confidence in our ability to execute high-quality property projects while maintaining strong environmental and social standards. We highly value their deep knowledge of the property sector and their financial services expertise."
“We are pleased to finalise the loan agreement with Credit Suisse following the loan with IFC. These financings will not only open up co-operation opportunities for BIM Land, but also help the company bolster its reputation in the local financial market, as well as in the international market over the longer term,” said Ha Bui, CFO of BIM Land.
About BIM Land
BIM Land, a real estate development arm of BIM Group – is a conglomerate in Viet Nam focusing on four main activities including real estate, renewable energy, aquaculture & foods, consumer & lifestyle. BIM Land is one of the largest land bank owners in the country especially in areas with high potential for tourism development such as Ha Long and Phu Quoc. BIM Land is proud to be the leading tourism infrastructure developer in Viet Nam as well as the partner of choice for global hospitality brands such as Park Hyatt, Intercontinental, Regent, Crowne Plaza, Fraser and Citadines, as well as local brands such as Sailing Club and H&K Hospitality. BIM Land’s real estate products vary from high-rise apartment complexes, townhouses, to luxury beach villas, hotels and resorts.