Allen & Gledhill has advised DBS Bank on the S$400 million (US$298m) Taskforce on Nature-related Financial Disclosures (TNFD) targets-aligned sustainability-linked revolving credit facility to City Developments. This is a first-of-its-kind transaction with criteria guided by targets set by City Developments in its adoption of TNFD disclosures, and is designed to incentivise its ongoing efforts to achieve significant environmental, social and governance milestones. Partner Daselin Ang led the firm’s team in the transaction. Allen & Gledhill has also advised CIMB Bank Singapore Branch and The Hongkong and Shanghai Banking Corporation on the issue of S$100 million (US$74.6m) fixed rate sustainability-linked guaranteed bonds due 2029 by HSBC Institutional Trust Services (Singapore), as trustee of Sabana Industrial Real Estate Investment Trust (Sabana Industrial REIT). The bonds are unconditionally and irrevocably guaranteed by the Credit Guarantee and Investment Facility (CGIF), a trust fund of the Asian Development Bank. CIMB was appointed sole global coordinator and, together with HSBC, as joint lead managers, joint book-runners and joint sustainability-linked framework structuring advisors to the bonds. The bonds are the first Singapore dollar-denominated CGIF-guaranteed sustainability-linked bonds in Asia, the first listed CGIF-guaranteed bonds aligned to the ASEAN Sustainability-Linked Bond Standards, and the first CGIF-guaranteed bonds issued by an industrial REIT in Asia. The bonds are also Sabana Industrial REIT’s first non-sukuk bond offering.  Partners Margaret Chin, Delwin Singh and Sunit Chhabra led the firm’s team in the transaction. Moreover, Allen & Gledhill has advised Suntec City Development on the implementation and execution of Cooling-as-a-Service (CAAS) arrangements for Suntec City provided by SP Group. The provision of CAAS will enable Suntec City to reduce its carbon emissions by...

  AZB & Partners is advising United Al Saqer Group (UASG), via Freshfields, on its Rs16 billion (US$192m) acquisition of stake in DNEG and its Indian targets, namely Prime Focus Technologies, DNEG India Media Services, Apptarix Mobility Solutions and Prime Focus Academy of Media and Entertainment Studies. Partners Darshika Kothari and Kritika Agarwal are leading the firm’s team in the transaction, which was signed on July 1, 2024 and is yet to be completed. AZB & Partners has also advised Oravel Stays on the Rs4.16 billion (US$50m) acquisition of stake in Oravel Stays by Incred Wealth and Investment Services. Partners Niladri Maulik and Anshuman Vikram Singh led the firm’s team in the transaction, which was completed on July 4, 2024. Moreover, AZB & Partners is advising Rane Holdings on its Rs450m (US$5.4m) acquisition of 51 percent stake in Rane NSK Steering Systems from NSK. Partner Aarthi Sivanandh is leading the firm’s team in the transaction, which was signed on July 1, 2024 and is yet to be completed. Clifford Chance has advised China Merchant Port Holdings (CMP) on the international aspects of its proposed acquisition of a 51 percent controlling stake of Indonesia’s port operator Nusantara Pelabuhan Handal (NPH) from Episenta Utama Investasi (EUI), which will trigger a mandatory tender offer for the remaining shares in NPH held by other eligible public shareholders. Indonesia-listed NPH operates two container terminals in Jakarta’s largest port, Tanjung Priok. The transaction will mark CMP’s market entry into Indonesia, further expanding its port network in South East Asia. Hong Kong-listed CMP is a global port and shipping developer, investor and operator with an extensive network covering...

AZB & Partners has advised Peninsula Land on its Rs7.6 billion (US$91m) acquisition, along with Delta Corp and Alpha Alternatives Fund Advisors, of significant stake in Harborpeak Real Estate. Peninsula Land will contribute its human resources, infrastructure and Intellectual Property know-how to Harborpeak Real Estate. Partners Ashwath Rau, Anand Shah and Kashish Bhatia led the firm’s team in the transaction, which was completed on June 24, 2024. AZB & Partners has also advised Peninsula Land on the Rs1.5 billion (US$18m) acquisition of stake in Peninsula Land by Arsenio Strategies. Partners Ashwath Rau, Anand Shah and Kashish Bhatia also led the firm’s team in the transaction, which was completed on June 24, 2024. Moreover, AZB & Partners has advised Peak XV Partners Investments VIII-1 on its Rs834 million (US$10m) acquisition, along with Elevar Equity and Panthera Peak, of stake in Cloudphysician International. Partners Srinath Dasari and Nanditha Gopal led the firm’s team in the transaction, which was completed on June 14, 2024. A&O Shearman is advising e& enterprise, the digital transformation arm of global technology and investment group e&, on its 100 percent acquisition of GlassHouse, a leading Turkish-based IT infrastructure services company. This move aligns with e&’s strategic ambition to scale e& enterprise, strengthen its digital capabilities and expand its international footprint. This acquisition, which is subject to customary closing conditions, is set to provide e& enterprise entry to the Turkish IT services and cloud market, allowing it to expand its existing solutions to Türkiye, and leverage GlassHouse SAP capabilities in both the UAE and the Kingdom of Saudi Arabia. Established in 2004, GlassHouse Technologies employs more than 150 people and...

Allen & Gledhill has advised DBS Bank, The Hongkong and Shanghai Banking Corporation Singapore Branch, Industrial and Commercial Bank of China Singapore Branch and Oversea-Chinese Banking Corporation on the issue of S$250 million (US$185m) green notes due 2027 under the S$2 billion (US$1.48b) multicurrency debt issuance programme established by OUE REIT Treasury. DBS, HSBC Singapore and OCBC were appointed joint lead managers and book-runners of the notes, while ICBC Singapore was appointed joint lead manager and book-runner (no book). OCBC was also appointed sole global coordinator of the notes, as well as green finance adviser to OUE REIT for the offering of the notes. The net proceeds raised from the issue of the notes will be applied exclusively to finance or re-finance, in whole or in part, new or existing eligible green projects that meet one or more of the categories of eligibility, as recognised in the Green Bond Principles and Green Loan Principles, in accordance with the Green Financing Framework established by OUE REIT. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised Oiltanking Group on its divestment of Oiltanking Karimun to Novus Middle East DMCC. In connection with the divestment, Oiltanking Finance, a wholly-owned finance company of Oiltanking, transferred all rights in a loan it extended to Oiltanking Karimun to Novus Middle East DMCC. Allen & Gledhill partner Oh Hsiu-Hau and AGI Legal partners Kevin Omar Sidharta, Elsie F Hakim and Aris Budi Prasetiyo led their respective firm’s team in the transaction. Moreover, Allen & Gledhill has advised ClavystBio Investments, which co-led the US$14.5 million financing round...

Allen & Gledhill has advised LMIRT Management, as manager of Lippo Malls Indonesia Retail Trust, on the property replacement exercise in relation to the term loan facilities up to S$135 million (US$100m), loan facilities of up to S$67.5 million (US$50m), and term loan facilities of up to S$120 million (US$89m), as amended and restated by an amendment and restatement agreement dated October 16, 2023, whereby certain properties, including Lippo Mall Kemang and Sun Plaza and related assets, were granted as collateral to be shared on a pari passu basis between all the lenders. Pursuant to consent deeds entered into with the lenders on April 19, 2024, Sun Plaza will be replaced by Mal Lippo Cikarang, Gajah Mada Plaza, Kramat Jati Indah, Lippo Mall Kuta, Plaza Madiun Units and Plaza Medan Fair as collateral for the facilities. The property replacement exercise involved a detailed step-plan to align with the administrative process in Indonesia required for the granting of security in Indonesia, and the release of the existing collateral over Sun Plaza, up to the point where the replacement properties would be effectively granted, and where Sun Plaza could effectively be released as collateral. Further, one of the replacement properties would require an extension of lease tenure from the relevant Indonesian authority, and parties have to work into the consent deeds the provisions and process relating to such extension. Partners Jafe Ng and Delwin Singh led the firm’s team in the transaction. Allen & Gledhill has also advised DBS Bank on the ¥30 billion (US$190m) subscription line facility to Mapletree Trustee, as trustee of Mapletree Japan Investment Country. The facility will be used to, inter alia,...