US property developer Hines enters ‘exciting, strategic' Vietnam

U.S. real estate developer Hines has set up in HCMC its first Vietnam office, its second in Southeast Asia after Singapore and its 10th in the Asia-Pacific region.

Announcing the Vietnam office’s opening Tuesday, Ray Lawler, Asia-Pacific CEO of Houston-based Hines, described the country as “an exciting, strategic market” and a channel for strengthening his company’s offerings in the Asia-Pacific region.

“This is our 10th office in the region and will be led by newly appointed director Anh Hao Le who will source new development and acquisitions opportunities in the country. He will work closely with our Singapore-based head of Southeast Asia, Kian Fong Lim,” Lawler wrote in his LinkedIn account.

“[Vietnam] is where we see strong manufacturing and supply chain fundamentals, favorable demographics, robust economic growth, and a desire of many occupiers to further diversify themselves throughout Asia-Pacific.”

Hines expects to find openings for industrial, office and residential developments in Vietnam, areas where it is is already active in other parts of the Asia Pacific region.

Le, director of the new office, has 18 years of experience in real estate development in Vietnam. He began his career at VinaCapital Real Estate before adding to his experience at global property consultancy JLL and Hong Kong-based Gaw Capital Partners, where he led a $1.2 billion mixed-use development transaction in HCMC.

He has joined Hines as the U.S. developer’s first Vietnam hire after serving for five years as head of investment at HCMC-based Sunny World Investment and Development.

This June, Asia Pacific-focused private equity firm Gaw Capital Partners said it had completed the acquisition of a greenfield plot in HCMC’s Saigon High-tech Park to develop it into a data center covering two hectares with an IT capacity of 20 megawatts.

The same month, American global investment firm Warburg Pincus led a $250 million investment backing a pipeline of property projects being developed by HCMC-based Novaland.

"This investment further reinforces our strong commitment to Vietnam. With its continued urbanization, emerging middle class and an increasingly more diversified economy, Vietnam is poised for significant growth in the coming years," said Jeffrey Perlman, Warburg Pincus's managing director and head of Southeast Asia and Asia Pacific real estate.