SonKim Land Announces US$121 Million Follow-up Fundraising from an Investor Consortium led by EXS Capital, ACA Investments, and Credit Suisse
Ho Chi Minh City, 1 August 2019 – SonKim Land Corporation (“SonKim Land”), a leading Vietnamese real estate developer, is pleased to announce the successful closing of approximately US$121 million in fundraising from an investor consortium led by EXS Capital, ACA Investments, and Credit Suisse AG, Singapore Branch (“Credit Suisse”). This is a follow-up round of fundraising for SonKim Land, after a successful initial investment of approximately US$37 million in 2013 and US$46 million in 2016, all sponsored, advised and led by EXS Capital.
SonKim Land is pleased to be partnering again with existing investors ACA Investments and Lemongrass Master Fund (an entity managed by EXS Capital), both of whom have committed additional funds to this round of fundraising for SonKim Land. This is now the 2nd round of investment from ACA Investments and the 3rd round of investment from Lemongrass Master Fund.
Hiroyuki Ono, Partner at ACA Investments, commented, “We are delighted to increase our investment into SonKim Land more than 5 times from the initial investment in 2016. Congratulations to SonKim Land team led by Chairman Tuan and CEO Andy Han for the well deserved fundraising as they have proved to us every year that they can deliver one of the best projects in Vietnam. We are pleased to correspond to their achievement by bringing more capital together with new investor like Credit Suisse. We continue to support SonKim Land and looking forward to bigger success.”
Eric Solberg, CEO of EXS Capital, commented, “We are pleased to sponsor this 3rd round of investment into SonKim Land with additional investment from the Lemongrass Master Fund. As our partner since 2013, SonKim Land continues to deliver strong results and reinforce its reputation as one of Vietnam’s best real estate developers. We look forward to working with the new co-investors on the company’s continued success under the leadership of Chairman Tuan, CEO Andy, and the SonKim Land management team.”
In addition, SonKim Land is working with other new investors for this fundraising round including Skymont Capital, an Asia-based investment management group, as well as Credit Suisse, one of the most active global financial institutions in Vietnam.
Rehan Anwer, Co-head of Southeast Asia and Frontier Markets Investment Banking & Capital Markets, Credit Suisse, commented, “Credit Suisse is committed to serving the diverse financing needs of entrepreneurs and we are proud to play a role in supporting SonKim Land’s further growth as it fulfills its ambitions to be among Vietnam’s leading real estate investment and development companies. This transaction demonstrates continued international investor interest in Vietnam.”
Alex Lin, Managing Partner at Skymont Capital, commented, “We look forward to working with SonKim Land as well as the co-investors to create exceptional value for all stakeholders in one of the fastest growing markets in the region. This investment exemplifies Skymont’s continued commitment to the region.”
Alongside these investors, Son Kim Investments, the parent company of SonKim Land, will also be participating in this fundraising round to continue fueling the company’s growth. The investor consortium and Son Kim Investments are investing through a combination of redeemable convertible loans and common equity.
Since 2013, SonKim Land has grown rapidly, with its latest award-winning luxury properties in Ho Chi Minh City including Serenity Sky Villas and the launch of Metropole Thu Thiem. These developments have won several awards in Vietnam and globally, including Best Condominium in Asia-Pacific and Best International Condominium at the 2018 International Property Awards in London. SonKim Land also won Best Boutique Developer in Vietnam and Asia, further reinforcing its reputation as a world-class real estate company.
With this latest round of fundraising, SonKim Land aims to continue developing its pipeline of attractive developments across Vietnam, including luxury residential, commercial & hospitality developments in Ho Chi Minh City.
Nguyen Hoang Tuan, Chairman of SonKim Land, commented “The success of this US$121m fundraising with investments from prestigious international investors has marked a great milestone for SonKim Land. We are very grateful to receive continued support and trust from our existing investors such as EXS Capital and ACA Investments to participate in this fundraising round. We are also proud to attract more new investors, including Skymont Capital and Credit Suisse, one of the biggest international banks, to support our future growth. We will continue to uphold our reputation as the pioneering luxury property developer in Vietnam as well as further expand our business in larger scale projects in residential, commercial and hospitality sectors. The real estate market of Vietnam will be kept amazed by our world-class quality projects”.