Recently, First Real and High West have officially signed a strategic cooperation agreement to support capital restructuring, attract investment, and provide financial advisory services.
Accordingly, First Real has received a $10 million investment from High West, and is one of the few companies selected by High West for their investment strategy in the Vietnamese market. This is an important milestone for First Real, adding financial strength to the company’s development after a difficult period in the national real estate market.
High West is known as a private investment fund focused on creating long-term value for businesses worldwide and providing financial structures in over 20 markets from South America to Europe and the Asia-Pacific region. High West’s main goal is to structure and provide liquidity solutions for investors, groups, businesses, and communities worldwide.
The partnership between First Real and High West has attracted attention in the context of difficulties in accessing capital for investors in the real estate market. This is seen as a positive signal for the real estate market in general and promises to open up more development potential for High West in the investment sector in the Vietnamese market.
High West’s Partner Manager stated:
“High West is proud to choose First Real Estate Joint Stock Company as a long-term investment partner in our portfolio. We look forward to close cooperation with the management team and business owners who have good business activities like First Real Estate Joint Stock Company.
We believe that the combination of industry knowledge, investment experience, and our operational expertise will provide an advantage in creating value for investment opportunities for both parties. Our strategy is not only to cooperate with the management board of First Real Estate, but also to leverage all resources on global platforms to support the business operations of First Real Estate.”
However, this is just the beginning of the development partnership between the two parties. The announced $10 million agreement was signed at the end of 2023, and from 2024 onwards, there will be more capital injections based on the development needs of projects and the expansion of First Real’s business activities.
With the support of this large fund, First Real expects to solve the problem of investment capital for the company, stabilize the financial platform, and provide additional resources for strong growth in revenue, profit, and market capitalization.
Mr. Nguyen Anh Tuan, Chairman of First Real Estate Joint Stock Company, said:
“High West is an important strategic partner for us. High West’s investment will provide us with greater flexibility in operations and finance to create new growth opportunities, while maximizing shareholder value. We expect this to be a turning point for First Real Estate, helping us accelerate towards becoming a leading real estate company in the region.
We greatly appreciate their trust and we also hope to maintain a good cooperation relationship with them in the future.”
Financial reports released by First Real Estate on January 15, 2024 showed positive business results for the first quarter of 2024. Specifically, the revenue from sales and services in the first quarter of 2024 reached VND 54.3 billion, a strong increase of over 60% compared to the fourth quarter of 2023 (fiscal year ended September 30). After-tax profit earned VND 9.7 billion, an outstanding increase of 5 times compared to the previous quarter’s figure of VND 1.8 billion.
In addition, the debt/asset ratio of the company is always kept within a safe range, reflecting a sound financial health. As of December 31, 2023, First Real Estate’s total assets reached over VND 1,340 billion.
