Singapore-based property developer Mapletree Investments Pte has bought out Kumho Asiana Plaza, a landmark building in downtown Ho Chi Minh City
, from South Korea’s Asiana Airlines Inc. and Kumho Industrial Co.
Saigon Boulevard Holdings Pte. Ltd, an affiliate of the Singaporean developer, acquired the building for $215 million, Yonhap reported Thursday.
According to Singapore’s Business Times, this is the net asset value of the transaction. After including liabilities, the consideration ought to be higher.
This is Mapletree’s largest acquisition involving a completed, income-producing property in Vietnam, Business Times quoted the firm as saying.
Asiana Airlines Inc., South Korea’s No. 2 flag carrier, and Kumho Industrial Co. equally co-owned the building, which houses a hotel, a residence and business offices. Both are units of Kumho Asiana Group.
The carrier said the deal generated $44 million in profit, which could help improve its financial situation and secure liquidity.
U.S. President Barack Obama
stayed at InterContinental Asiana Hotel, part of Kumho Asiana Plaza, during his visit to Vietnam last month.
Mapletree began investing in Vietnam in 2005, and today owns and manages a portfolio comprising office, retail, industrial, logistics, and serviced apartment assets. Including Kumho Asiana Plaza, the group now has over S$1 billion ($738.5 million) in assets under management in the country, according to Business Times.