Vinhomes Real Estate Developer acquire minority stake in KKR, Temasek

It was obtained for $907m (US$650m).

Temasek, as a member of a consortium headed by US private equity firm KKR, has acquired a minority stake in real estate developer Vinhomes for $907m (US$650m), based on a statement.

The tender for Penrose condo for sale site situated at Sims Drive has closed. The site attracted 5 bids with the bid from two partners City Developments (CDL) and Intrepid Investments of Hong Leong Group Singapore topping at S$383.5 million which reflects S$732 psf ppr.

The investment translates into a 6% equity stake in Vinhomes.

KKR is currently making the investment mostly out of the Asian Fund III, although Vingroup will hold a controlling stake in Vinhomes.

Credit Suisse Singapore acted as sole financial adviser to Vingroup.