Frasers Property arm buys majority stakes in Vietnamese real estate firm

PAD will undertake the development of a mix-used site in Ho Chi Minh.

Frasers Property Investments in Vietnam acquired 75% shares of Phu An Dien Real Estate (PAD) for $47.33 (VND799b), an announcement revealed. Upon deal completion, PAD will become a subsidiary of FPL.

PAD is said to undertake the development of a mixed-used project in Linh Trung Ward, Thu Duc District, in Ho Chi Minh City.

After the acquisition, PAD’s net asset value is pegged at $63.11m (VND1.07b).

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