Milbank LLP advised a consortium of investors led by EXS Capital and ACA Investment on its investment into SonKim Land Corporation, a leading developer of luxury real estate properties in Vietnam. SonKim Land concurrently raised an additional US$13.5 million from Credit Suisse, for a total fundraise of US$121 million.
This financing is the third round of foreign investment in SonKim Land, following a $37 million investment from Hong Kong private equity firm EXS Capital in 2013 and a $46 million investment from EXS Capital and Japanese fund manager ACA Investments in 2016. Milbank previously represented EXS Capital and ACA Investments on their US$46 million into SonKim Land in 2016, a transaction which was recognized as the real estate transaction of the year by Vietnam M&A Forum 2017.
SonKim Land is the developer of award-winning luxury residential, commercial, and hospitality assets in Ho Chi Minh City and across Vietnam. The company will use the new funds to continue developing its pipeline of world-class properties throughout Vietnam.
The Hong Kong-based Milbank team was led by Global Capital Markets partner David Kuo with associate York Wu.
Mr. Kuo said: “The interest from investors, both new and existing, in SonKim Land’s latest round of fundraising highlights the growth of Vietnam’s real estate market. We are pleased to have worked with a consortium of leading international financial institutions on this investment and look forward to continuing to advise clients as they capitalize on real estate investment opportunities in Vietnam and throughout Asia.”