Ashurst has advised Cambium Grove Capital, as the sole lead arranger, on a HK$500 million (US$64.5m) structured senior facility extended to a real estate holding group. The facility is secured by an ultra-prime real estate in Hong Kong and supported by a number of bespoke credit enhancement arrangements granted by the borrower group. Cambium Grove Capital is an Asia-based asset management platform that invests in alternative credit, private equity and special situation opportunities. Partner Eric Tan led the firm’s team in the transaction.
Ashurst has also advised APG Strategic Real Estate Pool, as a cornerstone investor, on its US$200 million initial commitment to Godrej Build-to-Core II (GBTC II), an offshore pooling vehicle established as a Singapore limited partnership fund, to co-invest alongside Godrej Properties in developing world-class commercial property in prime locations across leading office markets in India. Previously, the firm has also represented APG on its US$150 million investment in GBTC I. The establishment of GBTC II is a continuation of the successful partnership between APG and Godrej following GBTC I, which held its first closing in 2018 and has been fully invested. The initial joint venture platform formed by APG and Godrej in 2012 was one of the first of its kind in the Indian private real estate market, and the deal structure has subsequently been replicated by other foreign institutional investors and Indian developers. Partner Dean Moroz led the firm’s team in the transaction.
AZB & Partners is advising Tata Consultancy Services (TCS) on its acquisition, thru Tata Consultancy Services Netherlands, of 24 percent shareholding of GE in Tata Consultancy Services Saudi Arabia, a joint venture between TCS (76 percent) and GE (24 percent). After the acquisition, TCS will hold 100 percent stake in Tata Consultancy Services Saudi Arabia. Partner Nilanjana Singh is leading the firm’s team in the transaction, which was signed on January 12, 2021 and is yet to be completed.
J Sagar Associates has advised Godrej Fund Management (GFM), the real estate private equity arm of Godrej Group, on setting up the US$500 million Build-To-Core-II platform (GBTC II). The platform, which will be managed by GFM, will invest in developing Grade-A office buildings at leading key markets in India. Dutch fund APG Strategic Real Estate Pool has invested in the platform, with co-investment from Godrej Group. Partners Rupinder Malik and Rajul Bohra led the firm’s team in the transaction.
J Sagar Associates has also advised A91 on a Series B round investment in Exotel, a cloud telephony company. The transaction consisted of a primary investment and a secondary purchase of shares. A91’s primary investment was part of the Series B round of financing raised by Exotel. As part of the secondary transaction, A91 purchased shares from early angel investors, including the Mumbai Angels. Exotel provides communication technology to enterprises, through its platform as a service with private cloud infrastructure and connectivity to telecoms globally. A91’s investment and Exotel’s success are both a reflection of the accelerated growth of digital adoption witnessed during the COVID-19 pandemic. Partners Probir Roy Chowdhury and Tony Verghese led the firm’s team in the transaction, which was valued at Rs400 million (US$5.5m).
Khaitan & Co is advising Metro on the Indian leg of the acquisition by Wipro of former IT units of Metro, in a multi-year strategic digital and IT partnership deal. These former IT units include Metro-nom and Metro Systems Romania, based in Germany and Romania, respectively. The deal will also see over 1,300 employees in Germany, India, and Romania transferred to Wipro. Metro operates 678 wholesale stores under the Metro and Makro brands. The company also develops digital solutions and offers food delivery services. Wipro operates as an IT, consulting and business process services company worldwide. The deal is initially intended to run for a period of five years. The parties have also expressed an intention to extend the strategic partnership by four additional years. Partner Rabindra Jhunjhunwala, supported by partners Anshul Prakash and Ritu Shaktawat and executive director Dinesh Kumar Agrawal, is leading the firm’s team in the transaction, which was announced on December 22, 2020 and is expected to be completed on April 30, 2021. Baker & McKenzie acted as Metro’s global counsel.
Khaitan & Co is also advising Aditya Birla Fashion and Retail (ABFR) on the US$54.54 million proposed acquisition, via a capital contribution, of a majority interest in Sabyasachi Couture. A part of the US$48.3 billion Indian multinational Aditya Birla Group, ABFR emerged after the consolidation of the branded apparel businesses of Aditya Birla Group in May 2015. Partners Arindam Sarkar and Suhana Islam Murshedd, supported by partner Shailendra Bhandare, are leading the firm’s team in the transaction, which was signed on January 27, 2021 and is expected to be completed on February 28, 2021. Shardul Amarchand Mangaldas also advised on the deal.
Shearman & Sterling has represented Guotai Junan Securities (Hong Kong) (GJS) and Haitong International Securities (HIS), as the dealer managers, on the exchange offer by Guangzhou Fineland Real Estate Development (GFRED) of any and all of its outstanding 13.5 percent senior notes due 2021 for 13.6 percent senior notes due 2023. In connection with the exchange offer, the company issued US$236.25 million 13.6 percent senior notes due 2023. The firm also represented GJS, HIS, China CITIC Bank International, Morgan Fuel Go Securities and Orient Securities (Hong Kong), as the initial purchasers, on GFRED’s concurrent new money offering of US$103.75 million 13.6 percent senior notes due 2023. Founded in 1993, GFRED is headquartered in Guangzhou, China and operates as a real estate development company. The company develops and markets residential areas, office buildings, hotels, restaurants and other related areas. Hong Kong capital markets partner Alan Yeung led the firm’s team in the transaction.
Sullivan & Cromwell (Hong Kong) is representing Sequoia China on its consortium agreement with Ocean Link (China), Kunpeng Asia (Hong Kong) and Ocean Kunpeng (Cayman Islands), under which the consortium intends to make voluntary general offers for all issued H shares and domestic shares of Zhejiang New Century Hotel Management (China) at an offer price of HK$18.15 (US$2.34) per H share and Rmb15.18 (us$2.35) per domestic share, valuing the company at approximately HK$5.1 billion (US$657.86m). Corporate partners Kay Ian Ng (Hong Kong) and Gwen Wong (Beijing) are leading the firm’s team in the transaction, which was announced on January 18, 2021.
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