Deals – 29 May 2009

Allens Arthur Robinson has also acted for Charter Hall Group (CHG), an Australian property funds management and development company, in respect of its A$118 million (approx US$93.5m) raising with strategic investment from property investment group Gandel Group. Sydney-based partners Stuart McCulloch and Anna Lenahan led the Allens team.

Amarchand Mangaldas has advised Indiabulls Real Estate (IRE) on its completed QIP transaction valued at over US$550 million. In addition to its real estate business, IRE has various power projects in development which it runs through its subsidiaries. Amarchand Mangaldas was responsible for drafting the entire offer document.

Minter Ellison has assisted Japan’s largest housing developer, Sekisui House Ltd (Sekisui), in respect of its joint venture with Payce Consolidated Limited (Payce), an Australian Stock Exchange-listed company. Sekisui has chosen to expand into the Australian property market because of the country’s legal framework, demographics and stable housing market. The firm advised both Sekisui and Payce with respect to the transaction, with Martin Bennett and Nicole Green leading the team for Sekisui, and Victoria Mathewson leading the team for Payce.

Norton Rose (Asia) LLP has advised The Hongkong and Shanghai Banking Corporation Limited (HSBC), through its wholly-owned subsidiary HSBC Asia Pacific Holdings (UK) Limited, on its acquisition of 88.89 percent of PT Bank Ekonomi Raharja Tbk of Indonesia. The transaction, completed on 22 May 2009, is valued at US$607.5 million and will almost double HSBC’s presence in Indonesia. Singapore-based partner Jake Robson and Bangkok international managing partner Phillip John led the Norton Rose team with Hong Kong-based corporate partner Richard Crosby and Singapore-based finance partner Nick Merritt also advising. Hadiputranto, Hadinoto & Partners acted as Indonesian counsel to HSBC, led by Tuti Dewi Hadinoto.

Watson, Farley & Williams LLP has acted for ITS Tubular Services (Holdings) Ltd (ITS), a global supplier of oilfield products and drilling equipment and services to the upstream energy industry, in respect of its joint venture with Scomi Group Bhd (Scomi), a leading global service provider in the oil and gas services industry. The joint venture has formed ITS Scomi Pte Limited, which will focus on providing oilfield equipment and services in Asia Pacific. The transaction was led by partner Ken Cheung of Watson, Farley & Williams’ International Corporate Group.

WongPartnership LLP has acted for Ascendas Funds Management (S) Limited, as managers of Ascendas Real Estate Investment Trust (A-REIT), in the establishment of A-REIT’s S$1 billion (approx US$690.9m) medium term note (MTN) programme. This is first unsecured MTN programme established in Singapore whereby the real estate investment trust is the issuer, instead of a wholly-owned subsidiary. Partners Hui Choon Yuen and Winston Wong led the transaction.