Transactions - JANUARY 21, 2022

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CapitaLand Development sells office in Vietnam for $550m

by Andrea Zander

CapitaLand Development (CLD) has sold Capital Place, its international grade-A office building in Hanoi, Vietnam for S$751 million ($550 million) to an unrelated-third party.

Capital Place is held under the CapitaLand Vietnam Commercial Value-Added Fund (CVCVF).

CLD holds a 50 percent stake in CVCVF, while the remaining interest is held by MEA Commercial Holdings Pte. Ltd. CVCVF was incepted in 2017 with a fund size of S$177 million ($130 million).  The fund is managed by CapitaLand Investment Limited (CLI), the real estate investment management business of CapitaLand Group and a leading global real estate investment manager.

“The divestment of Capital Place is part of CVCVF’s exit strategy and in line with CLD’s on-going capital recycling efforts to unlock the strong underlying value of our properties,” said Ronald Tay, CEO of CLD (Vietnam). “Tapping on the synergies of our ONE CapitaLand ecosystem and working closely with CLI, we have successfully c

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