Allen & Gledhill has advised Invesco Real Estate Investment Asia Pacific and SGRE Banyan on the S$227.5 million (US$166.3m) acquisition and leaseback of a chemical logistics and warehousing facility, located at 121 Banyan Drive, Jurong Island, Singapore, from LTH Logistics (Singapore), a subsidiary of Vibrant Group. The transaction involved the leaseback by SGRE, as lessor of the property, to LTH, as tenant, for a term of 10 years commencing from completion. The firm also advised Invesco and SGRE on the S$227.5 million (US$166.3m) secured financing for the acquisition of the property. SGRE is a special purpose vehicle of Invesco Real Estate Asia Fund, a Luxembourg fund managed by Invesco Real Estate, which manages more than US$975.2 billion in assets worldwide. Partners Lim Mei Ann and Lyn Wee led the firm’s team in the transaction.
Allen & Gledhill has also advised DBS Bank and United Overseas Bank, as the dealers, on the issue of S$200 million (US$146.2m) three percent. notes due 2024, under the S$2 billion (US$1.46b) multicurrency medium term note programme by UOL Treasury Services. Partners Daselin Ang and Sunit Chhabra led the firm’s team in the transaction.
AZB & Partners has advised Kotak Investment Advisors, as investment manager of Kotak India Real Estate Fund-IX, on its acquisition of secured debentures from Vascon Engineers for Rs1.1 billion (US$15.8m). Partners Ashwath Rau and Atreya Bhattacharya led the firm’s team in the transaction, which was completed on March 28, 2019.
AZB & Partners has also advised AION Capital Management, on its acquisition, through its subsidiaries AION Investments, a Mauritius entity, and Indian holding company LM Media Services, of approximately 90 percent of the issued and paid up share capital of Planetcast Media Services. Partner Divya Mundra led the firm’s team in the transaction, which was completed on June 14, 2019.
Clifford Chance has advised the underwriters, led by Morgan Stanley, Citi, UBS, Goldman Sachs and China Merchant Securities, as the joint global coordinators, on Hansoh Pharmaceutical’s HK$7.9 billion (US$1b) listing, the second biggest in Hong Kong so far this year. Partner Amy Lo, supported by China co-managing partner Tim Wang and partners Jean Thio, Liu Fang and Christine Xu, led the firm’s team in the transaction.
Clifford Chance has also advised Haitong International Capital, China International Capital Corporation Hong Kong Securities, Citigroup Global Markets Asia and CMB International Capital, as the joint sponsors, on the HK$2.3 billion (US$293.6m) listing of financial leasing company Haitong UniTrust International Leasing. China co-managing partner Tim Wang, supported by partners Jean Thio and Virginia Lee, led the firm’s team in the transaction.
J Sagar Associates has advised Joyson Safety Systems on the formation of a tri-party joint venture to merge its two existing joint ventures in India. KSS Abhishek Safety Systems, a JV of Joyson with Abhishek Industries, is being merged with Takata India, a JV between Anand Group and Joyson. The merger of the two entities is subject to approval of the National Company Law Tribunal. Joyson is a leading global supplier of mobility safety systems, including airbags, seatbelts, steering wheels, electronic safety systems and child restraints. In 2018, Joyson acquired substantially all of the global assets of Japan-based Takata, another leading global supplier of mobility safety systems, out of cross-border bankruptcies in the US and Japan, which resulted in two JVs in India. Joyson sold 6.69 percent while Abhishek Industries sold 33.35 percent of their shareholding in KSS Abhishek to Anand Group, to bring about the new shareholding structure of the tri-party venture to Joyson (65 percent), Anand Group (30 percent) and Abhishek Group (five percent). Partners Upendra Nath Sharma and Pallavi Puri, supported by partners Vinod Kumar and Vaibhav Choukse, led the firm’s team in the transaction, which was valued at approximately Rs1.4 billion (US$20.1m).
K&L Gates has advised JP Lease Products & Services and Stratos Aircraft Management on a first-of-its-kind “JOL AIR 2019-1” aircraft lease asset-backed security (ABS) transaction, in which JP Lease acquired 15 aircraft valued at US$683.2 million from GE Capital Aviation Services and Pembroke Capital Aircraft, among others, involving eleven lessees in ten countries across three continents. This is the first aircraft lease ABS utilising Japanese operating lease (JOL) equity, as well as JP Lease’s and Stratos’ inaugural ABS as issuer and servicer, respectively. Some of the deal’s unique features include a low weighted average aircraft age of approximately four years, a high weighted average remaining aircraft lease term of approximately 8.3 years, key man servicer replacement provisions, and 100 percent cash sweep at the bottom of the waterfall, for the benefit of the Class A and B noteholders prior to any payment being made to the JOL equity holders. Partner and global head of aviation finance Robert Melson Jr, supported by partners Kamil Gerard Ahmed, Sebastian Smith, Neil Campbell and Takahiro Kawaguchi, led the firm’s team in the transaction.
Khaitan & Co has advised Runwal Developers on the 50.50 joint venture with Warburg Pincus for setting up a realty platform for investment in retail-led, mixed-use properties across India, with an initial commitment of US$400 million. Runwal Developers is one of Mumbai’s premier real estate brands, operating in the residential, commercial and organised retail verticals. Partners Haigreve Khaitan and Deepak Jodhani, supported by partner Shailendra Bhandare, led the firm’s team in the transaction.
Khaitan & Co has also advised CESC Ventures on the acquisition, through primary and secondary investments, of a 64.63 percent stake in Herbolab India. The overall deal consideration, inclusive of both primary and secondary investment, is approximately Rs321.75 billion (US$4.6m), subject to post-closing adjustments. India-listed CESC Ventures is a part of the Sanjiv Goenka-owned RP-Sanjiv Goenka Group. It is engaged, inter alia, in owning, operating, investing and promoting business in the fields of information technology, business process outsourcing and other ventures, including fast-moving consumer goods business. Herbolab India is a manufacturer of Ayurveda medicines and products, operating under the brand name “Dr. Vaidya’s”, with pan India presence. Partner Ashraya Rao led the firm’s team in transaction.
Maples & Calder (Hong Kong) has acted as Cayman Islands counsel to New York-listed JinkoSolar Holding on its offering of US$85 million 4.5 percent convertible senior notes due 2024, convertible into American depositary shares, and its offer to issue and sell approximately four million American depositary shares to Credit Suisse Securities (USA) and Barclay Capital, as representatives to the underwriters. Partner Greg Knowles led the firm’s team in the transaction, which closed on May 17, 2019, while Cleary Gottlieb Steen & Hamilton acted as US counsel. Kirkland & Ellis International acted as US counsel to the purchasers of the notes and the underwriters.
Maples & Calder (Hong Kong) has also acted as Cayman Islands counsel to Cayman Islands company Jiayin Group on its IPO of 3.5 million American depositary shares, representing its Class A ordinary shares, and the listing of such ADSs on the Nasdaq. Jiayin Group is a leading online individual finance marketplace in China connecting individual investors and individual borrowers. The offering, which closed on May 14, 2019, raised approximately US$36.75 million. Partner Richard Spooner led the firm’s team in the transaction, while Kirkland & Ellis acted as US counsel. Simpson Thacher & Barlett acted as US counsel to Roth Capital Partners, representative of the underwriters.
Veyrah Law has advised Pristyn Care, a health delivery start-up, on raising US$4 million in Series A funding from Sequoia India, wherein Sequoia India subscribed to equity and preference shares of Pristyn Care. Founded in late 2018, Pristyn Care offers patients affordable advanced surgical care through innovative surgical techniques and recovery measures. It offers patients a range of elective surgeries across proctology, gynaecology, urology and ENT. Sequoia India is known to invest in both public and private companies. It specialises in incubation, seed stage, start-up stage, early stage and growth stage investments in private companies, providing them with much needed capital for their growth and development. Partner Ajay Joseph led the firm’s team in the transaction, which was completed on January 30, 2019 and announced on June 3, 2019. Themis Associates, with a team led by associate partner Nisha Mallik, advised Sequoia India.
