Thursday, July 2, 2009

Daily news - 2 Jul

Banyan secures US$283m for Indochina fund
Banyan Tree Holdings has completed the final round of raising money for its first real estate development fund, with total capital commitment to the fund standing at US$283 million, US$17 million shy of its US$300 million target. However, the fund - Banyan Tree Indochina Hospitality Fund - is well positioned to proceed with the development of the first phase of its core asset - integrated resort Laguna Hue in Vietnam - without any debt financing, the resort operator said yesterday in a statement on the Singapore Exchange. 'The fund is also positioned to source for additional investment projects within the Indochina region,' Banyan Tree added. The Indochina Fund was first established on Jan 29 last year, with the aim of targeting the hospitality industry in Vietnam, Cambodia and Laos. At first closing on Feb 28, 2008, the fund had commitments of US$100 million. It then went on to amass another US$168 million. The final closing netted an additional US$15 million from one new investor.

Source: Kim Eng

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