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VinaLand selling entire stake in Aqua City residential project in Vietnam

Ho Chi Minh City-based VinaLand Ltd. is divesting its 100% interest in the Aqua City residential project in Vietnam's Dong Nai province to Bach Kim Real Estate Co. Ltd. for net proceeds of US$45.2 million, including a repayment of shareholder loans.

The deal for the roughly 112-hectare project, which the company bought in 2008, resulted in a negative 1.6% internal rate of return.

The diversified real estate investment trust said it has received 89.6% of the net proceeds as of June 13, with the balance expected to be settled by the end of June.

Separately, VinaLand said it will pay out on June 28 33 U.S. cents per ordinary share from the company's share premium account as a distribution to its shareholders on record as of June 25.