The Vietnam Azalea Fund has acquired a minority stake in the Nam Long Investment Corporation for approximately US$9.1 million, fund manager Mekong Capital has announced.
Nam Long is among the leading housing developers in Vietnam and Mekong Capital looks forward to accompanying the firm on its way to an even bigger future, said Thomas Lanyi, Mekong Capital's Director of Investment in a statement.
Established in 1992 as a civil and industrial construction company, Nam Long now is an integrated real estate developer which engages in property and land bank development in Ho Chi Minh City and other cities and provinces in the south of Vietnam.
The company currently holds a large land bank of over 550 hectares that stretches from Ho Chi Minh City to localities like Can Tho, Long An and Da Nang.
The Vietnam Azalea Fund, launched in June 2007, manages $100 million in committed capital, according the fund's website.