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Global Vietnam Lawyers advised and acted as the sole legal advisor for SkyWorld Development (Vietnam) Company Limited – a wholly owned subsidiary of SkyWorld Group – the buy-side, in an acquisition deal for 100% of the charter capital of Thuan Thanh Trading Production and Real Estate Trading JSC (i.e., Target Company and Target Project), in order to become the developer of a condominium project of 5,206.7 square meters in Ho Chi Minh City.
Upon completion of the deal, SkyWorld will own several land lots, including a 2,060-square-meter plot and five parcels of between 64 and 1,026 square meters each, all in District 8, HCMC. GV Lawyers assisted SkyWorld in legal due diligence the Target Company and the Target Project, working with the parties on the deal structure, tax implications, drafting all escrow bank agreement, sale & purchase agreement, and other transactional documents; GV Lawyers also assisted SkyWorld in closing process of the acquisition.
The acquisition brought SkyWorld ‘s urban real estate development business model to Ho Chi Minh City, in accordance with the SkyWorld ‘s expansion strategy. The property is located in an enclave of well-established high-rise and low-rise developments, which offer a variety of local conveniences. The strategic location of the project provides access to a substantial captive market and an advantageous absorption rate. The acquisition was in line with SkyWorld ‘s expansion plan, with particular focus on Ho Chi Minh City.
The Project was advised by key team of lawyers including Nguyen Gia Huy Chuong, Hoang Quoc Nhat Trung and Nguyen Kim Nhu.