JSM Indochina, the Ho Chi Minh City retail and residential real estate fund management firm, has purchased a pair of residential towers in the city for $65 million, claiming to have capitalised on a distressed seller opportunity.
The firm has bought two towers in the Thao Dien area of District 2 in Ho Chi Minh City from an undisclosed seller. The towers started development in February this year and JSM said they would be ready for occupancy from mid-2011.
JSM said in a statement that the deal materialised after the firm monitored the “seller’s situation” over the course of 2009. In the announcement, JSM said: “After learning that a competitor’s bid for these towers had failed to materialize, JSM's manager quickly met with the seller and negotiated what the board believe to be advantageous deal terms.”
Craig Jones, chief executive officer of JSM, added that the firm was progressing through the final stages on “several more investments” and would be making further announcements in the “coming months.”
JSM has established itself as an investor in Indochina retail and residential real estate located in central urban districts across the region. The firm typically invests at the development stage within 18-36 months of completion.