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VinaLand sells entire stake in Ho Chi Minh City project

VinaLand Ltd. sold its complete interest in the proposed mixed-use development dubbed Pavilion Square in Ho Chi Minh City for net cash proceeds of US$36.9 million, excluding repayment of shareholder loans.

The divestment to RC12 Investment JSC reflects a negative 3% internal rate of return, according to a release.

VinaLand, which bought the project in 2007, sold its stake at a valuation of 11.2% above the March 31 unaudited net asset value.

The company said it has received roughly 99.5% of the net proceeds, with the balance to be settled by November at the latest.

Proceeds from the sale will be used to cover the company's operating costs and distributions to shareholders, VinaLand Managing Director David Blackhall said.