| Norton Rose Group has advised Singapore SportsHub Consortium (SSHC) in respect of the financial close of the largest sports facilities infrastructure PPP project in the world. The Singapore Sports Council, the procuring government authority for the project, appointed SSHC as the preferred bidder for the Sports Hub in January 2008, with the project reaching financial close on 25 August 2010. Upon completion of the project, which is expected by April 2014, the Sports Hub is anticipated to be Singapore and the region’s premier sports, entertainment and lifestyle hub.
Following demolition of the existing national stadium, which is expected to occur by October 2010, SSHC – which includes Dragages Singapore Pte Ltd (a member of Bouygues Construction group), HSBC Infrastructure Fund Management Ltd, United PREMAS Ltd and Global Spectrum Pico Pte Ltd, with World Sport Group providing specialist sports procurement expertise – will design, build, finance and operate the Sports Hub for the next 25 years. The Sports Hub is to include, amongst other things, a new 55,000-capacity National Stadium with a retractable roof; a 6,000-capacity indoor Aquatic Centre; a Water Sports Centre; and supporting leisure and commercial developments. Partner Nick Merritt led the advisory team from Norton Rose, primarily assisted by banking partner Jeff Smith and of counsel Nicky Davies. Singapore partners Daniel Yong and KC Lye were also involved, as were London banking partner Mark Berry and Norton Rose (Middle East) LLP partner Jonathan Brufal, in advising on various aspects of the transaction. The firm also received additional advice on Singapore law and real estate matters from Rajah and Tann LLP. Onside Law Ltd, led by partner Jamie Singer, also provided specialist sports advice in the sale of commercial sports rights to SSHC. Meanwhile, Ashurst LLP, led by partner Matthew Bubb, is advising the eleven bank syndicate, which acted as the mandated lead arrangers and provided total senior debt funding of approximately S$1.8 billion (US$1.3b) to SportsHub Pte Ltd, the project vehicle established by SSHC. Wong Partnership provided Singapore law advice to the mandated lead arrangers, which comprised BNP Paribas, Crédit Agricole, DBS Bank, HSBC, National Australia Bank, Natixis, Oversea-Chinese Banking Corporation, SMBC, Standard Chartered Bank and WestLB. Partners Susan Wong, Choo Ai Leen, Tay Peng Cheng, Dorothy Marie Ng and Tan Teck Howe advised. Hogan Lovells Lee & Lee, led by partner James Harris, is advising the Singapore Sports Council. |
