Latest Deals Allen & Gledhill has advised the Housing and Development Board on the issue of S$900 million (US$670m) fixed rate notes due 2028, under its S$32 billion (US$23.8b) multi-currency medium term note programme. Partners Margaret Chin, Fabian Tan and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised PRE 10 (Perennial) on its S$280.9 million (US$209m) acquisition of Caldecott Broadcast Centre, Andrew Road, Singapore. The sale was done via tender, with bidders given a choice to acquire the property directly via an asset acquisition, or indirectly via an acquisition of the entire paid-up capital of Caldecott Properties, the registered proprietor of the property. Perennial was the successful tenderer, and elected to acquire the property via an acquisition of the entire paid-up capital of Caldecott Properties. At the time of the award of the tender, the 69,864.50 square metre site was the largest private redevelopment site sold in 2020. The property is located at the Caldecott Hill Good Class Bungalow Area in Singapore, and is an iconic landmark which has served as a broadcast hub for more than six decades until 2015. Partners Ho Kin San, Lim Mei Ann and Lee Kee Yeng led the firm’s team in the transaction. Ashurst has represented Japanese trading house Sojitz on its acquisition of an equity interest in Qualitas Medical, a leading provider of primary healthcare and wellness services in the Asia Pacific region. Through this investment, Sojitz will gain access to the booming healthcare sector in Asia Pacific. With two decades of experience in the healthcare industry, Qualitas operates in Malaysia, Singapore and Australia, and...

Allen & Gledhill has acted as transaction counsel to United Overseas Bank on the S$201 million (US$149.4m) term loan facilities to PRE 15, the joint venture vehicle of a consortium led by Perennial Real Estate Holdings, to finance the acquisition and redevelopment of Big Box, a property located in the Jurong Gateway precinct. The property will be redeveloped as a business park and will be renamed Perennial Business City. Partner Lim Wei Ting led the firm’s team in the transaction. Allen & Gledhill has also advised DBS Bank, Citigroup Global Markets Singapore and BNP Paribas, acting through its Singapore branch, as the joint lead managers and underwriters, on a private placement of new units in Keppel REIT to raise gross proceeds of approximately S$270 million (US$201m). Managing partner Jerry Koh and partner Teh Hoe Yue led the firm’s team in the transaction. AZB & Partners has advised Ecom Express on the Rs1.48 billion (US$20m) acquisition by CDC Group of a stake in Ecom, increasing CDC’s shareholding in Ecom to more than nine percent. Partners Anil Kasturi, Nandita Govind, Anisha Shridhar and Aditi Gopalakrishnan led the firm’s team in the transaction, which was completed on March 8, 2021. AZB & Partners is also advising MRI Software on its acquisition of Trimble and Trimble Information Technologies India. Partner Ashwath Rau is leading the firm’s team in the transaction, which was signed on February 13, 2021 and is yet to be completed. Baker McKenzie has acted as Hong Kong counsel, in collaboration with its joint operation partner FenXun Partners as Chinese counsel, to Yuexiu REIT on its issuance of US$400 million guaranteed notes,...

Below are the latest deals for the week of March 10th, 2021. Allen & Gledhill has advised Agricultural Bank of China, through its Singapore branch, on the issue of US$300 million 0.75 percent notes due 2024 and US$300 million 1.25 percent notes due 2026, under its US$15 billion medium term note programme. Partner Glenn Foo led the firm’s team in the transaction. Allen & Gledhill has also advised DBS Group Holdings on the issue of Rmb1.6 billion (US$245.6 million) 3.7 percent subordinated notes due 2031, first callable in 2026, under its US$30 billion global medium term note programme. DBS Bank and The Hongkong and Shanghai Banking Corporation were appointed joint lead managers for the notes. Partner Glenn Foo also led the firm’s team in the transaction. AZB & Partners has advised ICICI Securities, Edelweiss Financial Services and Jefferies India, as the book-running lead managers, on the qualified institutions placement of approximately 1.24 million equity shares, with face value of Rs10 (US$0.137) each, of IndiaMART InterMESH at Rs8,615.00 (US$118.11) per equity share, including a premium of Rs8,605.00 (US$117.97) per equity share, aggregating to approximately Rs10.7 billion (US$146.7m). Partners Varoon Chandra and Agnik Bhattacharyya led the firm’s team in the transaction, which was signed on February 17, 2021 and was completed on February 22, 2021. AZB & Partners has also advised SC Johnson Products on the acquisition by Bansk Group of a controlling stake of more than 50 percent of the total issued and paid-up share capital of SC Johnson Products from SC Johnson & Son Investments and Johnson’s Wax International. Partners Ashwath Rau, Atreya Bhattacharya, Nandan Pendsey and Aditya Singh...

Below are the latest deals for the week of March 3rd, 2021. Allen & Gledhill has advised Surbana Jurong on the issue of S$250 million (US$187.6m) 2.48 percent sustainability-linked notes due 2031, under its US$1 billion multicurrency debt issuance programme. Surbana Jurong issued the notes under its newly established Sustainable Finance Framework. This is believed to be the first Singapore dollar-denominated sustainability-linked bond, and the first public sustainability-linked bond issuance from a Southeast Asian based company. This is also the first Asian sustainability-linked bond to feature a premium step-up structure at maturity. The framework is prepared in line with the Sustainability Linked Bond Principles (2020) developed by the International Capital Markets Association, and helps boost Surbana Jurong’s efforts to translate the United Nations Sustainable Development Goals, set out in the 2030 agenda, into concrete and measurable actions. Partners Margaret Chin and Sunit Chhabra led the firm’s team in the transaction. Allen & Gledhill has also advised First REIT Management, as manager of First Real Estate Investment Trust (First REIT), and Perpetual (Asia), as trustee of First REIT, on the S$260 million (US$195m) loan facilities to First REIT, entered into by Perpetual with Oversea-Chinese Banking Corporation and CIMB Bank Singapore Branch. The facilities include a term loan facility of S$178.5 million (US$134m) and a revolving credit facility of S$42.5 million (US$31.9m), with an accordion option for a S$39 million (US$29.3m) increase in commitments. Partners Jerry Koh, Jonathan Lee and Foong Yuen Ping led the firm’s team in the transaction. Ashurst has represented Tyme, a global digital banking group, on establishing a joint venture with JG Group, one of the largest...

AZB & Partners is advising Lion Meadow Investment, an affiliate of Warburg Pincus, on the Rs31.26 billion (US$432m) sale of its 20 percent equity stake in Bharti Telemedia to Bharti Airtel. The consideration was paid partly in cash and partly via issuance of equity shares to Bharti Airtel. Partners Anil Kasturi and Ashish Pareek are leading the firm’s team in the transaction, which was signed on February 17, 2021 and is yet to be completed. AZB & Partners is also advising TPG Dodla Dairy Holdings, as the investor selling shareholder, on Dodla Dairy’s IPO of equity shares with face value of Rs10 (US$0.138) each, comprising a fresh issue of equity shares aggregating up to Rs500 million (US$6.9m) and an offer for sale of up to 10.1 million equity shares, consisting of up to 830,000 equity shares by TPG Dodla Dairy Holdings, up to 416,604 equity shares by Dodla Sunil Reddy, up to approximately 1.04 million equity shares by Dodla Family Trust and up to 327,331 equity shares by Deepa Reddy. Partners Varoon Chandra and Lionel D’Almeida are leading the firm’s team in the transaction, which was filed with the SEBI on February 15, 2021 and is yet to be completed. Further, AZB & Partners is advising Jubilant FoodWorks on its £24.8 million (US$35m) 100 percent acquisition, via its wholly-owned subsidiary Jubilant FoodWorks Netherlands, of Fides Food Systems Coöperatief UA, which holds 32.81 percent equity shares in DP Eurasia, from Turkish Private Equity Fund II. Partners Ajay Bahl and Anant Dang are leading the firm’s team in the transaction, which was signed on February 19, 2021 and is yet to...