A cross-border team from Baker McKenzie recently advised the Singapore arm of the global solar firm REC on the SGD 585 million sale and leaseback of its 25-hectare industrial site in the Tuas South region of Singapore to Australia-based Logos Property. The site accommodates an integrated industrial and warehouse facility with a total gross floor area of 1.6 million square feet. The transaction is said to be the largest single-asset industrial deal completed in Singapore in 2018.
The deal involved multi-government agencies’ approvals in Singapore and China, as well as multi-jurisdictional guarantees from China and Norway. The Baker McKenzie team was led by Principal Geraldine Ong and Local Principal Sharon Tan from Baker McKenzie's Singapore member firm, Baker McKenzie Wong & Leow, and assisted by Associate Michelle Koh, also based in Singapore. They had lead responsibility in advising the client on legal and regulatory issues, in communication with the regulators, and in general transaction management. The team was supported by Special Counsel Duan Cui and Associate Annie Wat from the Finance and Projects team in Beijing, who provided advice with regard to registration with China's State Administration of Foreign Exchange (SAFE) pursuant to the lease agreement.
"We are very pleased to have assisted our client on this landmark deal and to have been able to draw on our legal capabilities and cross-border strengths in projects and financing — as well as regulatory compliance — to bring this deal to fruition," Geraldine Ong said. “I am extremely grateful to be given the opportunity to work with the REC team who displayed great amount of tenacity and persevered with us to bring this extremely challenging transaction to a satisfactory conclusion.”