Allen & Gledhill has acted as transaction counsel to Ascendas Fund Management (S), the manager of Ascendas Real Estate Investment Trust, on the £253.25 million (US$235.3m) acquisition of 26 logistics properties in the UK, and the launch of a private placement to raise gross proceeds of S$452.1 million (US$329.4m) to finance the acquisition, to partially finance the development of a build-to-suit facility located in Singapore and debt repayment. Deputy managing partner Jerry Koh and partners Foong Yuen Ping and Teh Hoe Yue led the firm’s team in the transaction.

Allen & Gledhill has also acted as transaction counsel to CapitaLand Mall Trust Management, the manager of CapitaLand Mall Trust, on a private placement to raise gross proceeds of S$277.6 million (US$202.2m) to partially finance the acquisition of the property known as Westgate in Singapore. Deputy managing partner Jerry Koh and partner Teh Hoe Yue led the firm’s team in the transaction.

AZB & Partners has advised NCR on its acquisition of 100 percent of the stock of StopLift, the parent company of StopLift Infotech India, from its stakeholders, and the minority stake held in StopLift Infotech India, resulting in a complete acquisition of the StopLift group. StopLift Infotech India, along with its US parent, provides IT services related to the creation of intelligent computer vision systems to combat theft in the retail business. Partner Ashwin Ramanathan led the firm’s team in the transaction, which was completed on November 5, 2018.

AZB & Partners has also advised DaVita Care on the acquisition by Nephrocare Health Services of 100 percent of the share capital of DaVita Care (India) from its existing shareholders. Partner Srinath Dasari led the firm’s team in the transaction, which was completed on November 9, 2018.

Baker McKenzie has advised Weave Co-Living on the US$181 million initial investment from US-based private equity firm Warburg Pincus. Warburg Pincus has the option to upsize its investment to US$431.5 million. Weave Co-Living is Hong Kong’s first institutional co-living rental accommodation platform founded last year by Sachin Doshi, the former Asia Pacific head of private real estate at APG Asset Management. Its first property, Weave on Boundary, opened in Hong Kong in August 2018. The investment will allow Weave to execute its strategy to grow across Asia Pacific by adding 10,000 bedrooms in the next five years. It is currently targeting millennials and young professionals and, while continuing to focus on this segment, Weave will also expand its product to target different demographics throughout Hong Kong and the region. Co-chair of global investment funds group Jason Ng and Sue Wan Wong, financial services regulation partner at Wong & Partners (member firm of Baker & McKenzie International in Malaysia), led their respective firm’s team in the transaction.

Baker McKenzie has also advised LafargeHolcim on the disposal of its 80.6 percent interest in Holcim Indonesia to Semen Indonesia, for an enterprise value of US$1.75 billion on a 100 percent basis. LafargeHolcim is a global leader in building materials and solutions. Semen Indonesia is one of the largest cement players in Southeast Asia, operating production plants across Indonesia’s three major islands. LafargeHolcim’s divestment of its operations in Indonesia forms part of its strategy 2022 — ‘Building for Growth’, in which it has committed to divestments of at least CHF2 billion (US$2.01b). The disposal includes the entirety of LafargeHolcim’s operations in Indonesia, which consists of four cement plants, 33 ready-mix plants, and two aggregate quarries. The sale was carried out by way of a competitive auction process. Foreign legal consultant Gerrit Jan Kleute from Baker McKenzie’s Indonesian member firm HHP Law Firm, assisted by HHP partner Iqbal Darmawan, principal Andrew Martin from Singapore member firm Baker McKenzie Wong & Leow, and partner Timothy Gee from Baker McKenzie in London, led the firm’s team in the transaction. Latham and Watkins acted as deal counsel, while Tjajo & Partners acted as local counsel for the buyer.

Clifford Chance has advised Mitsui & Co Principal Investments, an investment business subsidiary of Mitsui & Co, and private equity firm L Catterton Asia, the Asian unit of L Catterton, on their joint acquisition of a stake in Owndays. Headquartered in Japan, Owndays is an innovative eyewear company. Operating over 115 stores in Japan and 142 stores overseas across 10 markets, Owndays is Japan’s most international optical eyewear retailer. This investment will help accelerate the company’s growth in Asia Pacific. Tokyo partner Tatsuhiko Kamiyama, supported by partners Valerie Kong, Richard Blewett and Wendy Wysong, led the firm’s team in the transaction.

DLA Piper has advised Australian online travel business Webjet on its US$173 million purchase of UAE-based Destinations of the World and related fully underwritten entitlement offer. Destinations of the World was sold by Abu Dhabi-based private equity fund Gulf Capital. The firm also advised Webjet on its A$350 million (US$254.4m) acquisition of London-based JacTravel and related capital raising in 2017. M&A partners Ben Gillespie (UAE), Joel Cox (Australia) and Stewart Wang (China), and ECM partner David Ryan led the firm’s team in the transaction. Freshfields Bruckhaus Deringer advised Destinations of the World and Gulf Capital, while Ashurst advised the underwriters.

Howse Williams Bowers has acted as Hong Kong counsel to Shanghai Realway Capital Assets Management on the approximately HK$191.7 million (US$24.5m) listing of shares in Hong Kong. Alliance Capital Partners acted as the sole sponsor and, together with Yue Xiu Securities, as the joint global coordinators. The shares commenced trading on November 13, 2018. Realway Capital is the first investment fund manager to obtain approval for the issuance of H-Shares by the China Securities Regulatory Commission. Realway Capital is an investment fund manager specialising in the management of real estate investment funds in China, and was the 10th largest real estate investment fund manager in China, as of December 31, 2017. Realway Capital’s funds portfolio covers commercial real estate projects, distressed assets projects and urbanisation and redevelopment projects. Partner Christopher Yu led the firm’s team in the transaction.

J Sagar Associates has advised Sundaram Finance and Royal Sundaram General Insurance (Royal Sundaram) on an agreement, wherein Ageas Insurance will acquire 40 percent of the share capital of Royal Sundaram General Insurance for Rs15.2 billion (US$212.7m). Currently, Sundaram Finance holds 75.9 percent in Royal Sundaram and proposes to divest 25.9 percent, thereby retaining 50 percent of its holding, post the divestment. Some of the existing Indian shareholders will hold the balance of 10 percent in Royal Sundaram. Royal Sundaram is a top ten player in the privately-owned Indian general insurance market, with strong positions in motor and health insurance. For the year ended March 31, 2018, Royal Sundaram generated gross written premium of Rs26.43 billion (US$370m) and achieved a profit after tax of Rs830 million (US$11.6m). Partners Aarthi Sivanandh and Bhavana Alexander led the firm’s team in the transaction, which is subject to certain closing conditions, including the approval of the Insurance Regulatory and Development Authority of India and other regulators, and is expected to close in the first quarter of 2019.

J Sagar Associates has represented Stumpp, Schuele & Somappa Springs (SSS) on a petition of oppression and mismanagement filed by former SSS shareholders seeking to declare the reduction of share capital, which extinguished the shareholding of the petitioners, as an act of oppression before the National Company Law Tribunal (NCLT) Bengaluru Bench. The NCLT held that, as the reduction of share capital was sanctioned by the High Court of Karnataka after following due process of law, it cannot be considered as an act of oppression. Further, the petitioner having challenged the reduction of capital in an appeal before the High Court of Karnataka, the reduction of capital cannot be held as oppressive by NCLT. The NCLT dismissed the petition. Partner Arjun Perikal led the firm’s team in the transaction.

Khaitan & Co has advised IHH Healthcare and its wholly-owned subsidiary Northern TK Venture (NTK) on: 1. the proposed subscription of approximately 235.3 million new equity shares with face value of Rs10 (US$0.14) in Fortis Healthcare, representing approximately 31.1 percent of the expanded voting share capital, through preferential allotment by Fortis to NTK; 2. the mandatory open offer by NTK for the acquisition of up to approximately 197 million Fortis shares, representing an additional 26 percent of the expanded voting share capital of Fortis; and, 3. the mandatory open offer by NTK for the acquisition of up to approximately 4.9 million fully paid up equity shares, with face value of Rs10 (US$0.14) each, representing 26 percent of the fully diluted voting equity share capital of Fortis Malar Hospitals. The subscription to Fortis shares, representing approximately 31.1 percent of the expanded voting share capital, was completed on November 13, 2018. IHH is incorporated in Malaysia and is listed both in Malaysia and Singapore, through its indirect wholly-owned subsidiary, NTK, a Singapore-incorporated company. IHH is the world’s second largest provider of integrated healthcare services by market capitalisation of US$12.3 billion to date, and is the largest private healthcare provider in Asia, operating approximately 10,000 beds in 49 hospitals across nine countries. Fortis Healthcare is a leading integrated healthcare delivery service provider in India. The healthcare verticals of the company primarily comprise hospitals, diagnostics and day care specialty facilities. Currently, the company operates its healthcare delivery services in India, Dubai, Mauritius and Sri Lanka, with 45 healthcare facilities, approximately 10,000 potential beds and 314 diagnostic centres. Partners Haigreve Khaitan, Anand Mehta, Arindam Ghosh and Ashraya Rao, supported by partners Sudhir Bassi, Sanjeev Kapoor and Manas Kumar Chaudhuri, led the firm’s team in the transaction.

Khaitan & Co has also advised Syncron International AB on the Indian leg of the indirect acquisition of Syncron Services India, as a result of the acquisition of a minority stake in Syncron International AB by Summit Partners, for US$67 million. Syncron International AB is a Swedish-based company, with a wholly-owned subsidiary, Syncron Services India, in India. Syncron International AB is a software company focused on the manufacturing industry that offers cloud-based after‑sales service solutions. Summit Partners is a growth investor with a range of funds that offer options designed to support continued growth to its portfolio companies. Partner Mayank Singh led the firm’s team in the transaction.

King & Spalding has represented the Japan Bank for International Cooperation (JBIC) and Asian Development Bank (ADB) on project finance facilities for the 2,500MW Gulf SRC gas-fired combined cycle power plant project in Thailand that signed on November 2, 2018. JBIC and ADB were the largest lenders, each lending US$227 million out of an overall co-financing amount of approximately US$1.299 billion. The funding will go to Gulf SRC, which will construct, own and operate the 2,500MW project in the Hemaraj Eastern Seaboard Industrial Estate in the east of Thailand. The electricity produced by these facilities will be sold to the Electricity Generating Authority of Thailand for a period of 25 years. Partners John McClenahan and Mark Davies (Tokyo) led the firm’s team in the transaction, which is one of the largest project finance transactions in Thailand in recent years.

Kirkland & Ellis has represented PAG Asia Capital on the raising of its third flagship private equity buyout fund, with a focus on investment across major markets in Asia. PAG Asia Capital is the private equity arm of PAG, one of Asia’s largest independent alternative investment fund managers. The fund closed at its hard cap of US$6 billion, with commitments from leading institutional investors from the Americas, Europe and Asia. Investment funds partners Carol Liu and Justin Dolling, supported by investment funds partners Jennifer Feng, Josh Westerholm and Michael Chu, regulatory partner Sarah Thompson, tax partner Marguerite Lombardo and employee benefits partner Elizabeth Dyer, led the firm’s team in the transaction.

L&L Partners has advised II-VI on its proposed acquisition of Finisar, to be implemented by way of merger, in a total deal size of approximately US$3.2 billion. Both II-VI and Finisar are US publicly-traded corporations. The transaction is a strategic combination expected to drive significant value creation through increased scale, broadened technological base, complementary product roadmaps, and leadership positions in fast-growing markets. The combination would unite two innovative, industry leaders with complementary capabilities and cultures to form a formidable industry leading photonics and compound semiconductor company. Senior partner Mohit Saraf and partner Vikrant Kumar led the firm’s team in the transaction.

Maples and Calder (Hong Kong) has acted as Cayman Islands counsel to Xinchengyue Holdings, a fast growing property management service provider in China, on its HK$580 million (US$74m) global offering and listing of shares in Hong Kong. Partner Lorraine Pao led the firm’s team in the transaction, which closed on November 6, 2018. Shearman & Sterling acted as Hong Kong and US counsel to the company. King & Wood Mallesons acted as Hong Kong counsel to the underwriters.

Rajah & Tann Singapore has acted on the S$728 million (US$530.4m) purchase of all the strata lots and common property in the residential development known as Pearl Bank Apartments, situated at 1 and 1A Pearl Bank, Singapore, through a private treaty collective sale. The site also obtained a top up of a fresh 99-year leasehold interest. Partners Norman Ho, Chou Ching and Gazalle Mok led the firm’s team in the transaction.

TT&A has advised Finablr Ventures Holdings and UX Holdings on their acquisition of 100 percent shareholding in TimesofMoney held by Network International Investment and Network International. Partner Kunal Thakore led the firm’s team in the transaction, which was signed on August 9, 2018 and closed on November 14, 2018. Allens acted as Australian counsel to UX Holdings, while Nishith Desai Associates acted as Indian counsel to Network International Investment and Network International.

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