Baker & McKenzie Advises CapitaLand China (RE) Holdings on its Acquisition of Orient Overseas Developments Limited for US$2.2 Billion
Deal Announcement
February 25, 2010
Hong Kong, 25 February 2010 – Baker & McKenzie has advised CapitaLand China (RE) Holdings Co., Ltd (“CCH”) on its US$2.2 billion acquisition of the entire 100% interest in Orient Overseas Developments Limited (“OODL”) from Orient Overseas International Limited. The transaction was completed on 10 February 2010.
OODL is a property investment holding company that, through its subsidiaries, conducts property development and investment with a primary focus on opportunities in Greater Shanghai and Tianjin in the PRC. OODL, through its subsidiaries, owns a portfolio of seven prime sites in Shanghai, Kunshan and Tianjin, comprising of projects with approximately 1.48 million square meters of gross floor area.
CCH is an indirect wholly-owned subsidiary of CapitaLand Limited (“CapitaLand”). The acquisition effectively doubled CapitaLand's property portfolio in the PRC.
The Baker & McKenzie team was led by corporate partner Jason Ng and real estate partner Edmond Chan and involved a multi-disciplinary team of lawyers from our Beijing, Hong Kong and Shanghai offices covering corporate, real estate, tax, employment and intellectual property issues.
Commenting on the deal, Jason Ng said, “We are delighted to have been able to assist CapitaLand on this strategic and significant acquisition for the group. The successful closing of this transaction is testament to CapitaLand’s extensive experience and knowledge of the real estate market in China and across Asia. We believe that we will continue to see significant real estate deals being done by buyers with capital and a longer-term view. Our team is involved in a number of other ongoing transactions in the real estate sector in China and the region.”
CapitaLand is one of Asia’s largest real estate companies. Headquartered and listed in Singapore, the multi-local company’s core businesses in real estate, hospitality and real estate financial services are focused in growth cities in Asia Pacific and Europe.