Allen & Gledhill has acted as transaction counsel for Digital Core REIT Management on the US$977 million IPO of Digital Core REIT. The firm was also appointed as Singapore independent tax adviser for the IPO. Digital Core REIT holds a portfolio of ten institutional quality, 100 percent freehold data centres located in the US and Canada, with an appraised value of approximately US$1.3 billion. It is the only pure-play data centre Singapore REIT sponsored by a global-listed data centre owner and operator, Digital Realty. The IPO was strongly supported by 26 cornerstone investors, and was 19.4 times over-subscribed. This is the largest IPO of 2021 in Singapore, and is the first time a Singapore REIT acquired any investment located in Canada. In relation to the IPO, the firm also acted as Singapore counsel for Digital Core REIT Management on the grant of US$550 million term and revolving credit facilities. Partners Jerry Koh, Teh Hoe Yue, Lim Pek Bur and Ong Kangxin led the firm’s team in the transactions.
Allen & Gledhill has also acted as transaction counsel for Haiyi Treasure on the S$492.8 million (US$360m) voluntary conditional cash offer made by United Overseas Bank, for and on behalf of Haiyi Treasure, for all the shares in SingHaiyi Group. Partner Lee Kee Yeng led the firm’s team in the transaction.
AZB & Partners has advised SCI Growth Investments III, a private equity fund managed by Sequoia Capital, on Sequoia Capital’s Rs5.6 billion (US$74m) acquisition, along with other investors, of equity stake in Manash Lifestyle, which provides online personal care products distribution services on Purplle.com, among other businesses. Partners Gautam Saha and Sachin Mehta led the firm’s team in the transaction, which was signed on October 6, 2021 and was completed on November 8, 2021.
AZB & Partners has also acted as Indian counsel to FIH Mauritius Investments (FIHM) and Anchorage Infrastructure Investments Holdings on the approximately Rs9.5 billion (US$125m) FIHM’s sale of shares, constituting 11.5 percent of the share capital of Anchorage, to 2726247 Ontario, a group company of OMERS Capital Markets, a division of OMERS Administration, which is an administrator of the Ontario Municipal Employees Retirement System primary pension plan and trustee of the pension funds thereunder. Partners Darshika Kothari and Arvind Ramesh led the firm’s team in the transaction, which was completed on September 16, 2021.
Baker McKenzie has advised Chinese toll road operator Yuexiu Transport Infrastructure on the spin-off and listing in Shenzhen, through the establishment of an REIT as a closed-ended publicly-listed infrastructure securities investment fund, of the Wuhan-Xiaogan Expressway. As a result of the spin-off, Yuexiu Transport’s interest in Hubei Han Xiao Highway Construction and Operations, the company that owns Wuhan-Xiaogan Expressway, reduces from 100 percent to 30 percent. The REIT holds the project indirectly through an ABS scheme and the project company. The expressway consists of the main line that connects Taoyuan in Wuhan to Yangdian Town in Xiaogan City and the airport north connection line, which runs from Ganxia Bay to the north gate of Wuhan Tianhe Airport. Hong Kong M&A partner Dorothea Koo and Beijing capital markets partner Hang Wang led the firm’s team in the transaction.
Bird & Bird has advised China National Biotech Group (CNBG) on its investment to establish with Innova Medical Group in Singapore a joint venture to produce and distribute CNBG’s COVID-19 vaccines in Singapore and in ASEAN countries. A subsidiary of China National Pharmaceutical Group (SinoPharm), CNBG is one of the world’s largest vaccine manufacturers and is the first manufacturer of vaccines and blood products in China. As part of CNBG’s global COVID-19 vaccine strategy, this JV company will be its first investment in Singapore. Setting up a production plant is the first step, and both sides will continue to explore the possibility of setting up further R&D and production facilities to cover vaccine registration, marketing and selling, sub-packaging and packaging. Beijing partners John Shi and Shan Lai, Singapore partner Marcus Chow and partner Aden Chen, a member of the firm’s team within Lawjay Partners in Shanghai, led the firm’s team in the transaction, which was signed on November 11, 2021.
Clifford Chance has advised the joint lead managers, including Barclays Capital Asia, BNP Paribas, MUFG Securities Asia, SMBC Nikko Capital Markets and Société Générale, on Wesfarmers’ €600 million (U$676m) 0.954 percent sustainability-linked fixed-rate notes due October 21, 2033, under its €3 billion (US$3.4b) euro medium term note programme. This is Wesfarmers’ first euro-denominated sustainability-linked bond issuance in the European debt capital markets. The notes are structured with a direct link to progress against specific energy and emissions targets. Partner Mark Chan led the firm’s team in the transaction.
Clifford Chance has also advised SF Intra-City Industrial on its IPO and listing in Hong Kong. A group member of Shenzhen-listed SF Holding, SF Intra-City Industrial is a leading intra-city on-demand delivery service platform in China, with comprehensive service offerings spanning delivery of food, retail goods and e-commerce solutions. Partners Fang Liu (Hong Kong) and Tianning Xiang (Beijing) led the firm’s team in the transaction.
JSA has advised Chakr Innovation on its Series B fund raise from Neev Fund II, a fund managed by SBICap Ventures. Chakr Innovation is a technological startup which has developed a device that mitigates pollution at its source, and captures harmful particulate matter emissions. Partner Lalit Kumar, supported by partner Bharati Joshi, led the firm’s team in the transaction.
JSA has also advised ON Mauritius (Omidyar Network) on its primary investment in CloudSEK Research, an artificial intelligence (AI)-based digital risk management and cybersecurity platform provider. The investment round also saw participation from MassMutual Ventures, 100X Entrepreneur, individual investors Firoz Meeran and Navas Meeran (Meeran Group), and CRED founder Kunal Naresh Shah’s QED Innovation Labs, along with investments from pre-Series A investors Exfinity Venture Partners, IDFC Parampara and Aaruha Technology Fund. Partners Archana Tewary and Aishwarya Gupta led the firm’s team in the transaction, which was valued at US$7 million.
Khaitan & Co has acted as sole Indian counsel for Texmaco Rail and Engineering on the issue of its up to approximately 71.53 million fully paid-up equity shares, aggregating up to Rs1.65 billion (US$22m), on a rights basis to the eligible equity shareholders. The firm also acted as the sole counsel to ICICI Securities and SKP Securities, as the book-running lead managers. Executive director Sudhir Bassi and partner Madhur Kohli led the firm’s team in the transaction, which was completed on December 6, 2021. Dentons acted as the international counsel to the issue.
Khaitan & Co has also advised Samvardhana Motherson International on the acquisition by Motherson Sumi Systems of a majority stake in CIM Tools and certain identified affiliates. Partners Rajiv Khaitan and Aravind Venugopal, supported by partners Vinay Joy, Kabir Bogra, Smita Jha, Shailendra Bhandare, Sudheer Madamaiah and Ajay Bhargava, led the firm’s team in the transaction.
Maples and Calder has acted as BVI counsel to Panther Ventures, and Cayman Islands counsel to CK Asset Holdings on Panther Ventures’ issuance of S$300 million (US$219m) 3.38 percent guaranteed senior perpetual capital securities, guaranteed by CK Asset Holdings. The securities are listed in Hong Kong via debt issues to professional investors. Partner Lorraine Pao led the firm’s team in the transaction, which closed on September 30, 2021. Clifford Chance acted as English law counsel for the lead manager.
Maples and Calder has also acted as BVI counsel to State Elite Global on the update of its US$2.7 billion medium term note programme, guaranteed by China Construction Bank Hong Kong Branch and arranged by CCB International Capital, and on its issue of US$700 million 1.5 percent fixed rate notes due 2026, under the programme listed in Hong Kong. Partner Everton Robertson led the firm’s team in the transaction, which was completed on September 29, 2021. Freshfields Bruckhaus Deringer acted as English counsel to the issuer and guarantor, while Global Law Office acted as the Chinese counsel. Linklaters acted as English counsel to the arranger and dealers.
Rajah & Tann Singapore is acting for GIC (Realty) on the establishment of a co-investment platform with ESR Cayman and APG Strategic Real Estate Pool to invest in warehousing and industrial mixed-use properties in China. The platform has an initial capital commitment capped at US$1 billion. Partners Chia Kim Huat, Chen Xi, and Goh Jun Yi are leading the firm’s team in the transaction.
Rajah & Tann Singapore has also acted for RECO Qibao, a subsidiary of an Asia-based sovereign wealth fund, on the Rmb3.2 billion (US$503m) disposal to Link REIT, Asia’s largest real estate investment trust, of its entire 50 percent equity interest in the holding company of Shanghai’s Qibao Vanke Plaza. Partners Chia Kim Huat, Chen Xi, and Goh Jun Yi also led the firm’s team in the transaction.
Wong & Partners has advised Infineon Technologies on the acquisition of 100 percent of the equity interest in Syntronixs Asia, a Melaka-based electroplating company. Infineon Technologies is a world leader and global player in semiconductor solutions, with over 50,000 employees worldwide, as of September 2021, and a revenue of €11.06 billion (US$12.5b) in fiscal year 2021. Precision electroplating is a key process in the assembly process of semiconductors; Infineon’s strategic acquisition of Syntronixs Asia will bolster its manufacturing capabilities globally, and secure its supply chain. Partner Brian Chia led the firm’s team in the transaction, which was completed on November 25, 2021.
WongPartnership has acted as Singapore counsel for ESR Cayman on its US$5.2 billion acquisition of ARA Asset Management. Partners Andrew Ang, Audrey Chng and Tian Sion Yoong led the firm’s team in the transaction.
WongPartnership is also advising United Overseas Bank, the financial adviser to Apricus Global, a consortium comprising 65 Equity Partners and Tower Capital Asia, on Apricus Global’s pre-conditional voluntary conditional general offer for corporate-services provider Boardroom, which is valued at approximately S$312 million (US$228m). Partner Dawn Law led the firm’s team in the transaction.
Zul Rafique & Partners has advised HSBC Amanah Malaysia on the issuance of Malaysia’s first sustainability-linked sukuk wakalah by Yinson Holdings, pursuant to its Islamic medium term notes programme of up to M$1 billion (US$236m) in nominal value. The initial issue size of M$700 million (US$165m) was upsized to M$1 billion (US$236m) due to overwhelming demand, with an orderbook of M$1.66 billion (US$392m). The landmark issuance leverages on Yinson’s Sustainability-Linked Financing Framework and Climate Goals Roadmap, supporting Yinson’s efforts to achieve its climate transition strategy, and reinforce its commitment towards a low emission future by achieving carbon neutrality by 2030 and net zero by 2050. HSBC Amanah is acting as the sole principal adviser, lead arranger, lead manager and shariah adviser for the sukuk wakalah programme, and as sustainability-linked structuring agent for the framework. Banking and finance partner Celine Rangithan led the firm’s team
