Mapletree Investments has acquired Saigon’s iconic Kumho Asiana Plaza from Kumho Industrial and Asiana Airlines.
The Singaporean company announced the US$215 million deal on Thursday, reports Thanh Nien, adding that it was the group’s “largest acquisition involving a completed, income-producing property in Vietnam.”
According to The Edge, occupancies for the office; F&B outlets and serviced apartments “have been consistently above 90%.”
Mapletree CEO Hiew Yoon Khong said in a statement that the development is a “rare asset given its attributes such as size, its multiple components with strong occupancies, and location in the heart of HCMC’s central business district”, adding: “We will continue to seek investment opportunities in completed, quality assets that are immediately yield-accretive in Vietnam’s major cities such as HCMC and Hanoi.”
Officials from Asiana and Kumho confirmed the deal with South Korea's Yonhap news agency.
The 145,857sqm facility houses numerous international and local brands, including an InterContinental hotel, Hard Rock Cafe and ANZ branch.
[Image via Thanh Nien]
