BIM Land has signed 2 offshore loan agreements worth USD 137.5 million in total with international lenders this year for its real estate development projects in Vietnam
Posted Date November 05, 2019
Hanoi, Vietnam, November 1st, 2019 — BIM Land Joint Stock Company, a real estate development arm of BIM Group, has secured up to USD 50 million in financing from Credit Suisse AG, Singapore Branch (“Credit Suisse”). The financing consists of a committed base size of USD 35 million with a USD15 million greenshoe. This is the second offshore loan that BIM Land has successfully arranged this year with international lenders. The first offshore loan (USD 87.5 million) was signed earlier this year with the International Finance Corporation (“IFC”).
The combined up to USD 137.5 million in financing from both IFC and Credit Suisse are intended to support BIM Land’s property projects in Quang Ninh and Phu Quoc Island (Vietnam), with the IFC’s financing package also supporting BIM Land’s project in Vientiane (Laos).
This financing comes at a time of major momentum for BIM Land, which focuses on providing a wide range of property projects from high-rise apartment complexes and town houses to tourism-led properties such as condotels, beach villas, hotels and resorts.
The majority of BIM Land projects are located in tourism-led areas of Vietnam and Laos, hence it is anticipated that these projects will attract considerable demand from domestic and international tourists, thereby creating more jobs and boosting the local economies.
Mr Doan Quoc Huy, CEO of BIM Land, said “Our ability to secure financing from international lenders such as IFC and Credit Suisse demonstrates confidence in our ability to execute high-quality property projects while maintaining strong environmental and social standards. We highly value their deep knowledge of the property sector and their financial services expertise..”
“We are pleased to finalize the loan agreement with Credit Suisse following the loan with IFC. These financings will not only open up cooperation opportunities for BIM Land, but also help the Company bolster its reputation in the local financial market, as well as in the international market over the longer term,” said Ms. Ha Bui, CFO of BIM Land.
About BIM Land
BIM Land, a real estate development arm of BIM Group – a conglomerate in Vietnam focusing on 4 main activities including real estate, renewable energy, aquaculture & foods, consumer & lifestyle. BIM Land is one of the largest land bank owners in the country especially in areas with high potential for tourism development such as Ha Long and Phu Quoc. BIM Land is proud to be the leading tourism infrastructure developer in Vietnam as well as the partner of choice for global hospitality brands such as Park Hyatt, Intercontinental, Regent, Crowne Plaza, Fraser, Citadines… and local brands such as Sailing Club, H&K Hospitality. BIM Land’s real estate products varies from high-rise apartment complexes, townhouses, to luxury beach villas, hotels and resorts.
Connect with Us
Phone: (84) 2473052555