Allen & Gledhill has advised a private real estate fund managed by ARA Asset Management on the S$340 million (US$240m) acquisition, via a share purchase transaction, of Robinson Centre, an office building located at 61 Robinson Road, Singapore. The firm also advised the property holding company on the S$225 million (US$159m) loan facilities to refinance its existing borrowings, finance project costs and for corporate purposes, in connection with the acquisition. Partners Tan Boon Wah, Lim Chong Ying and Jafe Ng led the firm’s team in the transaction.
Allen & Gledhill has also advised ASI Global Real Estate Fund on its approximately S$55 million (US$39m) acquisition of three conservation shop houses at Tanjong Pagar, Singapore. Each of the shop house is held by a property holding company, and the acquisition was made through the concurrent purchase of all the shares in each property holding company. The shop houses feature a total of approximately 2,382.43 square metres, with each shop house consisting of two floors and an attic. Partners Tan Boon Wah and Lauren Chung led the firm’s team in the transaction, which is the first acquisition in Singapore by ASI for its global real estate portfolio.
AZB & Partners has advised Clearview Investment on the acquisition by Alok Jalan of a 14.4 percent equity shareholding in Laqshya Media held by Clearview. Partners Anil Kasturi and Niladri Maulik led the firm’s team in the transaction, which was completed on March 5, 2020.
AZB & Partners has also advised Maiden Marketing, Maiden Marketing (India) and Maiden Marketing promoters Rohit Sharma and Vaibhav Odhekar, on the acquisition by Anymind Group of 100 percent stake in Maiden Marketing, which operates the mobile platform Pokkt. Partners Daksh Trivedi and Siddharth Sawhney led the firm’s team in the transaction, which was completed on March 3, 2020.
Baker McKenzie has acted as counsel to Kingsoft on its issuance of HK$3.1 billion (US$400m) 0.625 percent convertible bonds due 2025. A company continued into the Cayman Islands with limited liability, Hong Kong-listed Kingsoft is a leading software application and internet services provider in China. The approximately HK$3.034 billion (US$391m) net proceeds from the issuance are proposed to be used for general corporate purposes, for strategic investments and acquisitions, and, if appropriate, to supplement working capital. The initial conversion price was HK$35.7637 (US$4.61), representing a premium of approximately 27.5 percent over the closing price of Kingsoft’s shares on the trading day on which the subscription agreement was signed. Morgan Stanley and JP Morgan are the managers in the issuance. Beijing partner Hang Wang, supported by local principal Xavier Amadei of Baker McKenzie Wong & Leow in Singapore, led the firm’s team in the transaction, which was completed on April 29, 2020.
Baker McKenzie has also advised APG and the Canada Pension Plan Investment Board (CPP Investments) on the establishment with ESR Cayman of a US$1 billion joint venture, ESR-KS II, that will invest in and develop a portfolio of institutional-grade industrial and warehouse logistics assets in the Seoul and Busan metropolitan areas in South Korea. APG, CPP Investments and ESR have agreed to initial investments in the JV in the amounts of US$350 million, US$450 million and US$200 million, and will hold 35 percent, 45 percent and 20 percent, respectively, of the total issued shares of the JV. The three companies have allocation expansion options that could bring the total equity investment capacity to as much as US$2 billion over time. The transaction is expected to be completed before July 2020, subject to relevant regulatory approvals. Edwin Wong, supported by partner Stephen Crosswell and Guoquan Wen of Fenxun Partners, led the firm’s team in the transaction, which is one of the largest global logistics real estate capital raisings this year.
CNPLaw has advised Axcelasia, a Singapore-listed company which provides tax advisory and business consultancy services, on its divestment of principal subsidiaries to the Hong Kong Tricor group for M$69.7 million (US$16.2m). In connection with the proposed divestment, the majority shareholders of the company also gave irrevocable undertakings to vote in favour of the transaction at the extraordinary general meeting. Partners Tan Min-Li and Jimmy Yap led the firm’s team in the transaction, which was completed on April 15, 2020.
J Sagar Associates has advised Pentland Brands on the India leg of a global transaction involving the acquisition of the Speedo North America business of PVH. Pentland owns and primarily invests in retail and wholesale businesses in the sports, outdoor and sports fashion sectors. The Pentland group owns and manages brands, such as Berghaus, Cantebury, Lacoste and Ted Baker. The global transaction value was US$170 million. Partner Probir Roy Chowdhury led the firm’s team in the transaction.
Khaitan & Co has also advised Reliance Industries on the scheme of arrangement for the transfer of O2C (oil to chemicals) undertaking to Reliance O2C, as a going concern on slump sale basis. The O2C undertaking of the company comprises of entire oil-to-chemicals business of Reliance Industries, consisting of refining, petrochemicals, fuel retail and aviation fuel (majority interest only), and bulk wholesale marketing businesses, together with its assets and liabilities. The scheme is subject to necessary statutory / regulatory approvals under applicable laws, including approval of the National Company Law Tribunal. Partners Haigreve Khaitan and Mehul Shah, supported by executive director Sudhir Bassi and partners Bijal Ajinkya and Anisha Chand, led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has acted as Singapore counsel for AirTrunk Singapore on the S$1.4 billion (US$989m) refinancing of its existing banking facilities, in connection with the acquisition of an 88 percent stake in AirTrunk by a consortium led by Macquarie Asia Infrastructure Fund 2. The investment values AirTrunk at over A$3 billion (US$1.9b). Partner Benjamin Tay led the firm’s team in the transaction.
Rajah & Tann Singapore, member firm of Rajah & Tann Asia, has also acted as Singapore counsel for Hannover Ruck SE on the US$100 million issuance of Series 2020-1 Class A principal at-risk variable rate notes by Integrity Re II. This is the first catastrophe bond to be issued out of Singapore by American Integrity Insurance. Partners Simon Goh, Lee Xin Mei, Cheryl Tan and Benjamin Teo led the firm’s team in the transaction.
Simpson Thatcher represented KKR on the signing of definitive agreements with Shapoorji Pallonji Infrastructure Capital (SP Infra), under which KKR will acquire five solar energy assets with a total capacity of 317MW from SP Infra for Rs15.54 billion (US$205m). AZB & Partners advised on Indian law, while Khaitan & Co advised Shapoorji Pallonji Group (Shapoorji Pallonji Infrastructure Capital and Shapoorji Pallonji Solar Holdings) on the sale. Mumbai-based Shapoorji Pallonji Group operates in over 70 countries with a global turnover of over US$5 billion. SP Infra is the infrastructure development arm, with assets and businesses in the renewable and gas-based power, highways, port and terminals in India and overseas. Simpson Thacher Hong Kong partner Ian Ho, supported by partners Shahpur Kabraji (London) and Katharine Moir (Palo Alto), led the firm’s team in the transaction. At Khaitan & Co, partner Akhil Bhatnagar, supported by partner Kumar Saurabh Singh, is leading the firm’s team in the transaction, which was valued at approximately US$204 million.
Skadden has advised Xiaomi, an internet company with smartphones and smart hardware connected by an IoT platform, on its US$600 million offering of 3.375 percent senior notes due 2030. The notes were listed in Hong Kong. Hong Kong partners Julie Gao, Edward Lam and Christopher Betts led the firm’s team in the transaction, which was announced on April 23, 2020.
Skadden has also advised Bilibili, a leading online entertainment platform for young generations in China, on its equity transaction and business cooperation with Sony Corporation of America (SCA), pursuant to which SCA will subscribe for 4.98 percent of the total outstanding shares of Bilibili, through the purchase of newly issued Class Z ordinary shares for approximately US$400 million. The signing of the agreements was announced on April 9, 2020. Hong Kong partner Julie Gao and Shanghai partner Haiping Li led the firm’s team in the transaction.
WongPartnership is acting for Temasek as lead investor on the US$8 million funding round of Growthwell Group. Partners Mark Choy and Kyle Lee led the firm’s team in the transaction.
WongPartnership has also acted for Japan’s Saison Capital as lead investor on the US$10 million Series A funding round of Helicap, a Singapore-based fintech startup. Partner Ong Sin Wei led the firm’s team in the transaction.