Allen & Gledhill has acted as transaction counsel and Singapore law adviser to United Hampshire US Reit Management, as manager of United Hampshire US Reit, on the US$323.5 million IPO and listing of United Hampshire US Reit in Singapore. The IPO portfolio comprises 22 grocery-anchored and necessity-based retail properties and modern, climate-controlled self-storage facilities across the USA worth US$599.2 million. Joint managing partner Jerry Koh and partners Teh Hoe Yue and Jonathan Lee led the firm’s team in the transaction.
Allen & Gledhill has also acted as transaction counsel and Singapore law adviser to Elite Commercial Reit Management, as manager of Elite Commercial Reit, on the £130.9 million (US$154.25m) IPO and listing of Elite Commercial Reit in Singapore. The IPO portfolio comprises 97 office assets across the UK worth £319 million (US$376m). Joint managing partner Jerry Koh and partners Long Pee Hua and Teh Hoe Yue led the firm’s team in the transaction, which is the first pound-denominated Reit listing in Singapore, and the first UK-focused Reit listed in Singapore.
Allen & Overy has acted as co-counsel to Tesco on the proposed sale of its entire interest in its business, which includes a portfolio of nearly 2,000 stores nationwide in Thailand, to the CP Group entities, namely CP Retail Development, Charoen Pokphand Holding, CP All and CP Merchandising. Completion is expected in the second half of 2020, subject to Tesco shareholder and regulatory approvals. Partner Suparerk Auychai led the firm’s team in the transaction, which is the biggest corporate acquisition in Thailand and the largest in Asia this year.
Allen & Overy has also advised State Grid International Development (SGID), the sole platform for overseas investments and operations of the State Grid Corporation of China, on its approximately US$1 billion landmark acquisition of a 49 percent stake in Oman Electricity Transmission Company (OETC) from electricity holding company SAOC (also known as Nama Holding). The transaction forms part of the on-going privatisation of the Omani electricity sector. SGID’s acquisition makes it the largest single Chinese investor in Oman to date. The deal marks an important milestone in China’s Belt and Road Initiative and also demonstrates the Omani Government’s openness to foreign direct investment in the energy sector. Beijing corporate partner Ling Li, supported by London corporate partner Andrew Schoorlemmer and Sydney partner Jason Gray, led the firm’s team in the transaction.
AZB & Partners has advised Brookfield Asset Management on the approximately Rs14.5 billion (US$190m) acquisition by its affiliate, BCP V Multiple Holdings, of up to 40 percent of IndoStar Capital Finance. Partner Bharat Budholia led the firm’s team in the transaction.
AZB & Partners has also advised US International Development Finance Corporation, an agency of the US of America, on the provision of a US$30 million loan, via an external commercial borrowing, to SEWA Grih Rin for funding loans given by SEWA to low-income women-borrowers in India to finance home purchases and/or improvements for “affordable housing”, as defined by the RBI. The first disbursement was undertaken on February 4, 2020.Partners Gautam Saha and Pallavi Meena led the firm’s team in the transaction.
Davis Polk has advised the dealers on the establishment of a US$2 billion medium-term note program by China Cinda (2020) I Management, a wholly-owned subsidiary of China Cinda (HK) Holdings, and the US$2 billion Regulation S notes offering under the program, consisting of US$700 million principal amount of its two percent guaranteed senior notes due 2023, US$500 million principal amount of its 2.5 percent guaranteed senior notes due 2025, US$300 million principal amount of its three percent guaranteed senior notes due 2027, and US$500 million principal amount of its 3.125 percent guaranteed senior notes due 2030. Cinda HK is the sole strategic offshore investing and financing platform of the Cinda Group. Corporate partners Yang Chu and Gerhard Radtke led the firm’s team in the transaction.
Davis Polk has also advised the joint lead managers on a Regulation S offering of US$100 million 6.5 percent bonds due 2023 by Xi’an Aerospace High-Tech Industry Development, a China- incorporated limited liability company. It is a state-owned enterprise controlled by the Xi’an National Civil Aerospace Industrial Base Administrative Committee, and ultimately controlled and owned by the Xi’an Municipal Government. It engages primarily in land development, infrastructure construction and property development in Xi’an National Civil Aerospace Industrial Base. Partners Gerhard Radtke and Yang Chu also led the firm’s team in the transaction.
Maples and Calder has acted as BVI counsel to BVI company AnPac Bio-Medical Science on its IPO of approximately 1.33 million American Depositary Shares, representing its Class A ordinary shares, and the listing of such ADSs on the Nasdaq. AnPac Bio-Medical Science is a biotechnology company focusing on early cancer screening and detection. The offering, which closed on February 3, 2020, raised approximately US$16 million. Partners Greg Knowles and Richard Spooner led the firm’s team in the transaction, while Cleary Gottlieb Steen and Hamilton acted as US counsel. Sheppard Mullin Richter & Hampton acted as US counsel to Westpark Capital and Univest Securities, as representatives of the underwriters.
Shardul Amarchand Mangaldas & Co has advised SBI Cards and Payment Services and State Bank of India on the IPO of equity shares of the company with face value of Rs10 (US$0.13) each for cash, at Rs755 (US$9.88) per share. It comprised of a fresh issue of such number of equity shares aggregating to approximately Rs5 billion (US$65.4m) and offered a sale of approximately 130.5 million equity shares aggregating to approximately Rs98.4 billion (US$1.3b). The deal is valued at approximately US$1.39 billion. This is India’s third largest IPO and the largest since 2017. It is also the single largest exit by a private equity, Carlyle, in an IPO. Further, it is also India’s first IPO by a pure-play credit card company. National practice head partner Prashant Gupta, supported by partners Sayantan Dutta and Nikhil Naredi, led the firm’s team in the transaction, while Latham & Watkins acted as international counsel. Cyril Amarchand Mangaldas advised the book-running lead managers. Allen & Overy (Asia) acted as international counsel to DSP Merrill Lynch, HSBC Securities and Capital Markets (India) and Nomura Financial Advisory and Securities (India).