Keppel Land acquires stake in company with retail real estate project in Hanoi
Project under construction and slated for completion in 2025.
The Keppel Corporation Limited has recently announced that Keppel Land Limited, through its wholly-owned subsidiary, VN Prime Vietnam Co., Ltd (VNPV), has accquired a 65 per cent stake in ProjectCo, which holds a retail property in Hanoi.
The project is part of a mixed-use commercial development, and is under construction and slated for completion in 2025. VNPV will acquire 65 per cent interest in ProjectCo for an aggregate consideration of approximately VND1.23 trillion ($70 million), subject to completion adjustments. The consideration will be payable in cash in two tranches. The Binh Minh Investment and Trading Development Joint Stock Company will hold the remaining 35 per cent interest in ProjectCo.
The consideration was arrived at on a willing-buyer, willing-seller basis, taking into account, among others, the adjusted net asset value of VNPV’s Interest, based on the agreed value of the Project attributable to VNPV’s Interest, which was approximately VND1.23 trillion ($70 million1) as at March 31, 2023. Completion of the acquisition is subject to the satisfaction of conditions precedent (including but not limited to the obtaining of the requisite approvals).
None of the directors or controlling shareholders of the Company has any interest, direct or indirect, in the Acquisition, other than through their shareholding interests in the Company. The Acquisition is not expected to have any material impact on the earnings per share or net tangible assets per share of the Company for the current financial year.
