Ecoba construction firm sells 36% stake to Japanese property group Haseko

The companies have not disclosed the investment amount, but Deal Street Asia cited sources familiar with the Vietnamese company saying the deal has a value of tens of millions of US dollars and Haseko will send a representative to the Vietnamese company’s board of directors.

This strategic cooperation will help the two companies to boost growth and enter the Southeast Asian market. Ecoba will have technology while Haseko will have a chance to enhance its position in Vietnam’s market.

Founded in 2000, Ecoba Vietnam is a leading company in construction and project management contractor for urban development, industrial and renewable energy.

Haseko is one of the largest real estate construction and development firm in Japan with total assets of $6.8 billion. Since 1968, Haseko has built 651,719 apartments. The group also built 10% of existing apartments in Japan, accounting for 32% market share of apartments in Osaka and Tokyo.

The Tokyo-headquartered firm has announced a five-year business strategy that it will set aside 60 billion yen ($560 million) for overseas business expansion until 2025.

Its plans include establishing a design and construction production system in Southeast Asia and the US.