25th May 2016 10:15
LONDON (Alliance News) - VinaLand Ltd on Wednesday said it has sold its stake in the HBT Court project, which is an operating serviced apartment building, for USD534,000, after having completed two major disposals earlier this month.
The Vietnam-focused real estate investor said it was selling its entire stake in the HBT Court project for net proceeds of USD534,000, although the sale price was 11% below its March 31 unaudited net asset value.
The HBT Court project is located in Ho Chi Minh City in Vietnam and was acquired by VinaLand in 2007, the company said.
VinaLand said it had received all proceeds from the sale, which will be used to cover its capital commitments and operating costs.
The company added that the sale was consistent with its strategy to sell its assets, and follows the sale of two much larger projects earlier this month which generated, in total, USD111.8 million.
Shares in VinaLand were flat at USD0.675 on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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