DFDL Vietnam assisted a US-based property investment and development firm on its acquisition for USD 116 million of a US-incorporated property holding company whose main asset is Vallco Shopping Mall, a mall located in the Silicon Valley. The sellers are reported to be Vietnam’s famous business tycoon Mr. Tram Be, who is known as holding controlling stakes in major banks and other companies in Vietnam, and his relative. DFDL’s team including Jerome Buzenet, Partner and Managing Director of DFDL’s Vietnam offices and Phuong Vu, Legal Adviser based in HCMC, assisted the US buyer during their negotiation with the sellers. The experience and insight of DFDL’s team helped the buyer in closing the deal, one of the most watched transactions in the property market of the Silicon Valley in recent months.
Vallco Shopping Mall (also known as Cupertino Square and Vallco Fashion Park) is a three-floor shopping center located in Cupertino, California, USA that began operating in the 1960s, has now an entire area of 54,000 m2 and is seen as a prime spot for a redevelopment project in the booming Silicon Valley. The press reports that Tram Be together with his son Tram Ngan, bought Vallco Park out of foreclosure in 2009 for about USD 65 million.
Tram Be known in Vietnam for being a wealthy Vietnam-based businessman holding stakes spread across the banking, construction and processing sectors in and out of Vietnam’s stock market. Some of its holdings include Binh Chanh Construction Investment, Sacombank that was named by Global Finance Magazine as “Best Retail Bank in Vietnam” in 2012 and Southern Bank.