Keppel Corp subsidiary secures 65% stake in JV firm that holds Hanoi retail property

The stake has an aggregate consideration of over $70m (VND1.23b). 

VN Prime Vietnam Co., Limited (VNPV), Keppel Corporation’s wholly-owned subsidiary, acquired a stake in a joint venture firm, ProjectCo, which will hold a retail property in Hanoi, Vietnam.

In a bourse filing, Keppel Corp. the project is “part of a mixed-use commercial development, which is under construction and slated for completion in 2025.”

The consideration will be payable in cash in two tranches. Binh Minh Investment and Trading Development Joint Stock Company secured a 35% interest in the ProjectCo.

The consideration was arrived at on a willing-buyer, willing-seller basis, taking into account, amongst others, the adjusted net asset value of VNPV’s Interest, based on the agreed value of the Project attributable to VNPV’s Interest.

$1 = V$17,520