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KKR, Temasek consortium buys 6% of Vinhomes for 15.1t dong

A CONSORTIUM led by US private equity giant KKR has acquired a minority stake in Vinhomes for a total consideration of 15.1 trillion Vietnamese dong (S$904.3 million).

The consortium, which includes Singapore state investor Temasek Holdings, on Tuesday completed the deal which translates to an equity stake of about 6 per cent in the integrated real estate developer, which is listed on the Ho Chi Minh City Stock Exchange.

Vingroup, one of Vietnam’s biggest conglomerates,  continues to be the controlling shareholder of Vinhomes after the transaction. KKR made the investment primarily from its Asian Fund III.

The investment “underscores the attractiveness of Vietnam as a regional investment destination with its strong development and growth prospects”, according to a joint statement by Vingroup, Vinhomes, KKR and Temasek on Tuesday.

The statement added that Vinhomes has “unparalleled execution capabilities, access to a sizeable land bank and significant growth opportunities in residential, commercial and industrial real estate”.

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Ashish Shastry, co-head of private equity for KKR Asia-Pacific and head of South-east Asia, said: “This investment exemplifies the type of platinum brands and management teams KKR looks to work with in South-east Asia. Today’s announcement further underscores our strong commitment to Vietnam, where KKR has been active and present for nearly a decade.”

Vinhomes chairman Nguyen Dieu Linh said that KKR’s expertise and track record of helping companies achieve long-term success will be valuable as the parties work together to enhance value for Vinhomes' shareholders.

Credit Suisse (Singapore) acted as the sole financial adviser to Vingroup for the deal.

Reuters reported on Tuesday, citing sources familiar with the matter, that Vingroup had received strong interest from Asian conglomerates and global funds for a partnership, and the sell-down gave Vingroup an opportunity to raise funds while it revamps its business divisions.

Vinhomes’ activities in Vietnam include developing, trading and leasing residential, commercial and industrial real estate, and providing real estate management and related services. The firm is an integral part of the consumer services ecosystem within the Vingroup family.

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