By Khanh Vu

HANOI (Reuters) – A consortium led by KKR has invested $650 million in Vietnam property firm Vinhomes, Vinhomes’ parent Vingroup said on Tuesday.

The consortium, which includes Singapore state investor Temasek Holdings, has paid the sum for a 6% stake in Vinhomes, Vingroup said in a statement.

Vingroup, Vietnam’s largest conglomerate, will remain the controlling shareholder in Vinhomes, a leading integrated real estate developer in the Southeast Asian country, it said.

Credit Suisse (Singapore) Limited acted as sole financial advisor to Vingroup, it added.

Sources familiar with the matter said Vingroup had received strong interest from Asian conglomerates and global funds for a partnership and the sell-down provided an opportunity for Vingroup to raise funds as it revamps its sprawling business divisions.

This is one of the first direct investments by Temasek in Vietnam in recent years, the sources said.

(Reporting by Khanh Vu in HANOI; Additional reporting by Anshuman Daga in SINGAPORE; Editing by Muralikumar Anantharaman & Shri Navaratnam)