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A consortium led by Kohlberg Kravis Roberts, the US-listed investments group, has completed its purchase of a Vietnam real estate developer business for $650 million. The move highlights how wealth managers continue to smile on the Southeast Asian nation. 

KKR and others, including Temasek – the Singapore sovereign wealth fund – have acquired the investment in Vinhomes Joint Stock Company. The consortium has invested VND15.1 trillion ($650 million) which translates into an equity stake of about 6 per cent in Vinhomes. 

Vietnam has been talked about as one of the fastest growing Southeast Asia countries for some time. Within the private banking space, this publication recently interviewed Switzerland-based Bordier & Cie about its work with a partner firm in Vietnam.

Vingroup will continue to be the controlling shareholder of Vinhomes. KKR is making the investment primarily from its Asian Fund III, KKR said in a statement earlier this week. 

“The investment from the KKR-led consortium underscores the attractiveness of Vietnam as a regional investment destination with its strong development and growth prospects,” KKR said. 

Vinhomes is a subsidiary of Vingroup and is listed on the Ho Chi Minh City Stock Exchange. Vinhomes develops and trades integrated residential, commercial and industrial real estate, and provides real estate management and related services.