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Vietnam Property Fund in AIM IPO

Article Date:  Apr 29 2008 Nick Britton

An investment vehicle established to invest in the Vietnamese property market has raised US$90 million (£46 million) on AIM. Vietnam Property Fund’s initial public offering (IPO) is the largest this month, raising more than all other AIM IPOs combined.

The money was raised almost entirely from institutional investors including the International Finance Corporation, the private sector investment arm of the World Bank; and Proparco, which is backed by the French government.

The fund will be managed by Vietnam-based asset management business Dragon Capital, which has an asset base of more than $2 billion.

Neil Thurston, manager of Dragon Capital’s property investment team, comments: ‘Vietnam’s rapid growth has resulted in acute undersupply across a range of property categories. Our aim will be to seek out investments that are most likely to benefit from the raw growth of the domestic economy.’

Vietnam Property Fund is a closed-ended investment company incorporated in the Cayman Islands. It will initially invest through real estate companies, though it may later allocate funds directly to construction projects.

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