CapitaLand subsidiary bags additional 10% stake in JV

It’s trying to bolster its Vietnam recurring portfolio.

CapitaLand’s subsidiary CapitaLand (Vietnam) Holdings has bagged an additional 10% interest in CapitaLand Vista Joint Venture (CapitaLandVista) worth US$2.65m, or about $6.58m.

According to CapitaLand’s announcement, the interest was acquired from Thien Duc Trading-Construction.

The acquisition results in an uptick in CapitaLand’s investment in CapitaLandVista and is in line with CapitaLand’s plan to build up its recurring portfolio in Vietnam.

Before the acquisition, CapitaLand had an 80% interest in CapitaLandVista, and has now climbed to 90%. The acquisition is not expected to materially impact CapitaLand’s net tangible assets or earnings per share.