VinaCapital sinks $15m into real estate development Novaland

24th Jun 2015 14:06

Emerging market investment company VinaCapital has invested $15m into Novaland Group, a real estate developer in Vietnam. VinaCapital said the deal is part of a $47m syndicated investment into convertible preferred shares of Novaland.Novaland had $753.4m in presold projects at the end of last year, and has more than $190 in signed contracts to acquire additional land.VinaCapital Vietnam opportunity fund managing director Andy Ho said Novaland group has a good track record and large existing land bank."The company has also done a tremendous job in reducing risk by diversifying their projects among several residential hubs throughout the city with a dense population and existing infrastructure," Ho said in a statement.Ho said the investment falls within VinaCapital's strategy to gain exposure in the real estate sector