Baker & McKenzie Advises The Link REIT on the Acquisition of Maritime Bay
Deal Announcement
17 January 2012
Hong Kong, China, 17 January 2012 – Baker & McKenzie has acted for The Link Real Estate Investment Trust (”The Link REIT”) on its acquisition of the commercial portion of Maritime Bay in Tseung Kwan O (the “Property”) for a consideration of HKD588.4 million from a company indirectly wholly-owned by Sino Land Company Limited. This transaction completed yesterday and is the second property acquisition by The Link REIT since its IPO.
The Baker & McKenzie team was led by Edmond Chan, partner in the real estate group in Hong Kong, assisted by special counsel May Lau, who advised on documentation, structuring and negotiation aspects of the transaction. Partner Milton Cheng, co-leader of the Firm’s Corporate practice in Hong Kong/China and head of the Hong Kong REIT practice, assisted by special counsel Edwin Li, advised on regulatory matters. Special counsel Travis Benjamin provided support on tax aspects.
Commenting on the acquisition, Milton Cheng said, “We are delighted to be able to continue to support The Link REIT in its growth and development, having also advised it on its first acquisition of the nearby Nan Fung Plaza in the middle of 2010.”
Edmond Chan added, “We were able to bring to this transaction the full range of real estate, M&A, REIT regulatory and tax expertise to support our client’s deal needs. This is something that very few law firms in Hong Kong are able to offer.”
The Property is located in Hang Hau District of Tseung Kwan O and connected by footbridges to the Hang Hau MTR Station as well as Nan Fung Plaza.
The Link REIT currently has a portfolio of more than 180 commercial properties and is the largest listed REIT in Hong Kong. HSBC Institutional Trust Services (Asia) Limited is the trustee of The Link REIT.
Baker & McKenzie’s Asia-Pacific REIT Group has been at the forefront of ground-breaking REIT transactions in Asia. The team has been involved in almost all of the significant transactions to date involving REITs listed or with assets in Hong Kong – including Hui Xian REIT’s IPO, being the first RMB denominated REIT to be listed in Hong Kong; Fortune REIT’s dual primary listing in Hong Kong by way of introduction; Fortune REIT’s IPO and follow-on acquisitions; Prosperity REIT’s IPO and follow-on acquisitions; Champion REIT’s IPO and follow-on acquisitions; GZI REIT’s IPO; Sunlight REIT’s IPO; RREEF China Commercial Trust’s IPO; Regal REIT’s follow-on acquisitions and The Link REIT’s medium-term note programme.
The team has also advised on numerous other significant REIT-related deals in the Asia-Pacific – Prospect REIT Investment Corporation on its merger with Japan Rental Housing Investments Inc., Tower REIT’s IPO, Fubon No. 1 REIT’s and Fubon No. 2 REIT’s IPOs, MacarthurCook Industrial REIT’s IPO, Tokyo Growth J-REIT’s IPO, ARA Asset Management’s IPO, YTL Corporation’s acquisition of interests in Macquarie Prime REIT (now known as Starhill Global REIT) and Starhill Global REIT’s first acquisition in Australia.