Allen & Gledhill has acted as transaction counsel for Lendlease Global Commercial Trust Management, as manager of Lendlease Global Commercial Reit, and Lendlease Corporation, as the sponsor of Lendlease Global Reit, on the approximately S$770.3 million (US$567m) IPO of Lendlease Global Reit in Singapore. The public retail tranche was 14.5 times subscribed, the highest rate among Reits and stapled trusts listed in Singapore in the last five years. Overall, the IPO was 9.8 times subscribed and received commitments from 13 cornerstone investors. The firm also advised the manager on the loan facilities of S$99.3 million (US$73.1m) and €285 million (US$315.5m) granted to Lendlease Global Reit to finance the remaining acquisition cost. Deputy managing partner Jerry Koh and partners Ho Kin San, Long Pee Hua, Lim Mei Ann, Jonathan Lee and Ong Kangxin led the firm’s team in the transaction.
AZB & Partners has advised Varenna Holdings, a special purpose vehicle owned by Advent International, on its acquisition of approximately 40 percent equity share in Dixcy Textiles. Post the transaction, Varenna will hold 100 percent equity share in Dixcy Textiles. Partner Rinki Ganguli led the firm’s team in the transaction, which was completed on October 9, 2019.
AZB & Partners has also advised G9 Asia VI, a real estate fund of Morgan Stanley Real Estate Investing, on its acquisition of a controlling stake in RJ Warehousing, a project developed by Pragati Group. Partners Sai Krishna Bharathan, Shivani Kabra and Rohit Bajaj led the firm’s team in the transaction, which closed on October 14, 2019.
Baker McKenzie Wong & Leow has advised Eastbridge Partners Singapore on the strategic partnership with Jabreen Capital, the private equity arm of OMNIVEST, to establish a joint fund management platform, and on the structuring, formation and first closing of the platform’s debut Jabreen Eastbridge SEA (SEA Fund I), a US$200 million Southeast Asia-focused, mid-market private equity fund. Principal Derek Kwan, supported by principal Dawn Quek and local principal Eunice Tan, led the firm’s team in the transaction.
Clifford Chance has advised Credit Agricole CIB, as mandated lead arranger, book-runner and green structuring adviser, on the US$150 million syndicated term loan facility for the financing of eligible green projects, in line with the REC Group Green Loan Framework. REC Group is an international pioneering solar energy company, with a Scandinavian heritage and a strong footprint in North America, Europe and Asia. This alignment was assured by an independent third party. Partner Edith Leung led the firm’s team in the transaction.
Clifford Chance has also advised Macquarie Capital and Swancor Renewable as the lead sponsors on the NT$62.4 billion (US$2b) financing of the development and construction of the Formosa 2 offshore wind farm in Taiwan. The 376-MW Formosa 2 offshore wind farm will be one of Taiwan’s largest offshore wind farms once constructed, and is expected to generate enough electricity to power 380,000 homes annually. Singapore partner and head of construction for Asia Pacific Matt Buchanan and Singapore partner and co-head of worldwide projects group Nicholas Wong, supported by partner Nadia Kalic, led the firm’s team in the transaction, while Lee & Li provided Taiwan law advice to the sponsors.
Dentons has advised Tongchuangjiuding Investment Management Group on its HK$21.5 billion (US$2.7b) disposal of its 100 percent equity interest in FTLife Insurance to Hong Kong-listed NWS Holdings, the infrastructure, logistics and transport services unit of Hong Kong-listed conglomerate New World Development. FTLife is one of Hong Kong’s biggest life insurance firms. Hong Kong corporate partner Gordon Ng, supported by Beijing partners Li Shoushuang and Emilia Shi, led the firm’s team in the transaction, which was completed on November 1, 2019 and marked one of the largest insurance M&A deals ever in Hong Kong.
Gibson Dunn & Crutcher has acted as lead counsel, while Gilbert + Tobin acted as Australian counsel for Icon Group and its sponsors, namely Goldman Sachs PIA, QIC and Pagoda Investments, on the global cancer care company’s A$735 million (US$506.9m) HK$401 million (US$51.2m) first-lien / second-lien Term Loan B financing. The initial proceeds have primarily been utilised to refinance the existing senior and Holdco PIK facilities and to fund the contemporaneous acquisition of SunTech Medical Group. Icon Group is Australia’s largest dedicated provider of cancer care, with a growing reach into New Zealand and Asia. The financing documentation was structured as US-style Term Loan B facilities with flexibility and delayed draw facilities, to enable Icon Group to achieve its strategic growth objectives, and was governed by New South Wales law. Gibson Dunn & Crutcher co-chair of the global finance group Michael Nicklin and Gilbert + Tobin head of banking and infrastructure group partner John Schembri and partner Gail Christopher led their respective firm’s team in the transaction.
J Sagar Associates has acted as Indian counsel to Anheuser-Busch InBev Group (AB InBev Group), the world’s largest brewer, on the US$5.75 billion IPO of its Asia Pacific group entity, Budweiser Brewing Company APAC, in Hong Kong. The IPO is the second largest IPO globally in 2019 and the largest in Hong Kong so far. AB InBev Group produces, imports, markets, distributes and sells a large variety of beer under multiple brands, including Budweiser, Stella Artois and Corona. Partners Upendra Nath Sharma and Kartik Jain led the firm’s team in the transaction, while Freshfields Bruckhaus Deringer and Sullivan & Cromwell acted as overseas counsels for the Budweiser HK IPO.
Maples and Calder has acted as Cayman Islands counsel to Helenbergh China Holdings on its issuance of US$300 million principal amount of 12.875 percent senior notes due 2021, which closed on October 15, 2019. The issuer is a property developer in China, mainly developing residential properties, along with some commercial complexes and creative technology parks. Juno Huang led the firm’s team in the transaction, while Sidley Austin acted as US and Hong Kong counsel and Commerce & Finance acted as China counsel. Linklaters acted as US counsel, while Global Law Offices acted as China counsel to the initial purchasers, including Haitong Securities, CCBI and Guotai Junan Securities.
Maples and Calder has also acted as Cayman Islands counsel to Foxconn (Far East) on the update of the US$5 billion MTN programme, of which the company and Bahamas-incorporated Competition Team Technologies are the issuers. The MTN issued thereunder are guaranteed by Hon Hai Precision Industry and listed in Singapore. Both issuers and the guarantors are part of Foxconn Technology Group, the gigantic electronic components manufacturer. Partner Lorraine Pao led the firm’s team in the transaction, which closed on October 8, 2019. Linklaters acted as English counsel to the dealers and the trustee.
Paul Hastings is advising Korea-based Hotel Shilla on its proposed US$121 million acquisition of 44 percent stake in US-based retailer 3Sixty Duty Free, operated by Travel Retail Group Holdings, a Florida-based duty-free operator. The listed hospitality arm of Samsung Group, Hotel Shilla operates luxury hotels and duty-free shops in Korea and abroad. 3Sixty Duty Free is a world-class duty-free specialty retailer in retail options for travelers and travel-related audiences. Seoul corporate partner Daniel Kim, supported by Washington DC partner Robert Silvers, is leading the firm’s team in the transaction.
Paul Hastings is also advising Korea-based Daelim Industrial, a leader in the petrochemical and construction and engineering sectors, on its US$530 million acquisition of the CariflexTM business unit of New York-listed Kraton, a leading global producer of styrenic block copolymers, specialty polymers, and high-value performance products derived from renewable resources. Daelim Group is one of Korea’s major conglomerates, with more than 80 years of business history and a presence in more than 20 countries. Daelim Industrial is the flagship company of Daelim Group and is listed in Korea. Through this acquisition, Daelim Industrial will provide its customers with a wider range of innovative products, while adding the ability to serve the medical and other high-end markets. Partners Daniel Kim (Seoul) and Jane Song (San Diego), supported by partners Steven Sandretto (São Paulo) and Tom Mounteer (Washington DC), are leading the firm’s team in the transaction, which is expected to close in the first half of 2020, subject to customary regulatory approvals.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted as transaction counsel to Colliers International, a Nasdaq-listed commercial real estate services and investment management firm, on its acquisition of a controlling interest in Bangalore-based Synergy Property Development Services. Synergy and Colliers India will merge, with the combined operations in India having more than 1,400 professionals operating from 16 offices, providing investment sales, lease brokerage, valuations, workplace consultancy and property and project management to domestic and international investors, occupiers and developers of real estate. Partner Hoon Chi Tern led the firm’s team in the transaction.
Shook Lin & Bok is acting for CapitaLand and the borrower on the S$380 million (US$279.8m) acquisition financing facilities extended by OCBC and the other syndicate lenders on the acquisition of the 204 units in Plus from Fullshare. Partner Marilyn See led the firm’s team in the transaction.
Skadden is advising BeiGene on its global strategic oncology collaboration with Amgen for the commercialisation and development in China of Amgen’s Xgeva (denosumab), Kyprolis (carfilzomib), and Blincyto (blinatumomab), and the joint global development of 20 oncology assets in Amgen’s pipeline, with BeiGene responsible for development and commercialisation in China. In connection with the collaboration, Amgen will purchase a 20.5 percent stake in BeiGene for approximately US$2.7 billion in cash, at US$174.85 per American Depositary Share. Corporate partner Christopher Betts is leading the firm’s team in advising the client on Hong Kong listing matters.
S&R Associates has represented Aakash Educational Services and its promoters on the sale of 37.5 percent of its equity shares for Rs13.5 billion (US$190.5m) and investments in 100 percent of its DVR shares by private equity funds managed by Blackstone. The transaction was approved by the Competition Commission of India. Partner Mohit Gogia and head of competition practice Simran Dhir led the firm’s team in the transaction.
TT&A has advised DB International (Asia) and Deutsche Bank Mumbai Branch on their up to Rs20.5 billion (US$289.5m) investments in the non-convertible bonds issued by GMR Airports. Partner Sonali Mahapatra led the firm’s team in the transaction.