SonKim Land raises US$121 million from investor consortium

Vietnamese real estate developer is partnering with existing investors ACA Investments and Lemongrass Master Fund as well as Credit Suisse on this third round of fundraising

Ho Chi Minh City, Vietnam
Ho Chi Minh City, Vietnam

Vietnamese real estate developer SonKim Land Corporation (SonKim Land) has successfully raised approximately US$121 million from an investor consortium led by EXS Capital, ACA Investments, and Credit Suisse Singapore.

This is a follow-up round of fundraising for SonKim Land, after a successful initial investment of approximately US$37 million in 2013 and US$46 million in 2016, all sponsored, advised and led by EXS Capital.

SonKim Land is partnering again with existing investors ACA Investments and Lemongrass Master Fund (an entity managed by EXS Capital), both of whom have committed additional funds to this round of fundraising for SonKim Land. This is the second round of investment from ACA Investments and the third round of investment from Lemongrass Master Fund.

Hiroyuki Ono, partner at ACA Investments, comments, “We are delighted to have increased our investment in SonKim Land by more than five times from the initial investment in 2016.”

Eric Solberg, CEO of EXS Capital, says, “We are pleased to sponsor this third round of investment into SonKim Land with additional investment from the Lemongrass Master Fund. As our partner since 2013, SonKim Land continues to deliver strong results and reinforce its reputation as one of Vietnam’s best real estate developers.”

In addition, SonKim Land is working with other new investors for this fundraising round including Skymont Capital, an Asia-based investment management group, as well as Credit Suisse, one of the most active global financial institutions in Vietnam.

Rehan Anwer, co-head of Southeast Asia and Frontier Markets investment banking & capital markets at Credit Suisse, comments, “Credit Suisse is committed to serving the diverse financing needs of entrepreneurs and we are proud to play a role in supporting SonKim Land’s further growth as it fulfills its ambitions to be among Vietnam’s leading real estate investment and development companies.”

Alongside these investors, Son Kim Investments, the parent company of SonKim Land, will also be participating in this fundraising round to continue fueling the company’s growth. The investor consortium and Son Kim Investments are investing through a combination of redeemable convertible loans and common equity.

Since 2013, SonKim Land has grown rapidly, with its latest luxury properties in Ho Chi Minh City including Serenity Sky Villas and the launch of Metropole Thu Thiem. These developments have won several awards in Vietnam and globally, including Best Condominium in Asia-Pacific and Best International Condominium at the 2018 International Property Awards in London. SonKim Land also won Best Boutique Developer in Vietnam and Asia.

With this latest round of fundraising, SonKim Land aims to continue developing its pipeline of attractive developments across Vietnam, including luxury residential, commercial & hospitality developments in Ho Chi Minh City.

Nguyen Hoang Tuan, chairman of SonKim Land, comments, “We are very grateful to receive continued support and trust from our existing investors such as EXS Capital and ACA Investments to participate in this fundraising round. We are also proud to attract more new investors, including Skymont Capital and Credit Suisse, one of the biggest international banks, to support our future growth.”