UK-based infrastructure investor Actis has exited its first investment in Vietnam, An Phat 1 Industrial Park, to its local operating partner, An Phat Holdings, per an announcement.
An Phat 1 is a 180-hectare sustainable industrial park in Hai Duong, northern Vietnam. Actis has sold its 49% stake in the asset.
In 2021, Actis said it had invested over $20 million in a joint venture with An Phat Holdings to develop a ready-build factory and warehouse worth $250 million.
In its latest announcement, Actis said it has outperformed in both returns and exit time frame.
“An Phat 1 Industrial Park is part of Actis’ programmatic investment in the industrial property sector in Vietnam. Actis continues to invest in assets and locations that are well located to serve the demand coming from supply chain diversification,” it said.
Since the original investment in 2021, the UK firm has assisted An Phat Holdings in delivering 17% more green area than required, among other initiatives, which translated into significant construction and operating cost savings, and enhanced the project’s financial performance.
The industrial park has attracted two of Apple’s global suppliers, Actis revealed.
“Vietnam is a strategic market for us as it offers great opportunities for cost-effective manufacturing and supply-chain diversification. Our investment in An Phat 1 industrial park is consistent with our strategy to invest in new economy real estate,” said Brian Chinappi, partner and head of real estate at Actis.
Last year, the firm acquired a majority stake in Levanta Renewables, a Southeast Asia-focused renewables platform with Vietnam as the anchor market. It also launched Bridgin Power, a gas-fired power generation business targeting Vietnam, Indonesia, Thailand, Philippines, Malaysia, Bangladesh, and Sri Lanka.
This year, Actis has fully deployed its second Asia real estate fund, the Actis Asia Real Estate 2, which was closed in 2022 at $700 million. Total commitments to the fund were expected to reach up to $1 billion with additional co-investment opportunities.