Baker McKenzie has advised Taubman Centers Inc., an S&P MidCap 400 Real Estate Investment Trust (REIT) that invests in shopping centers, on its sale of 50 percent of Taubman Asia’s interests in three Asia-based shopping centers to funds managed by The Blackstone Group L.P. (Blackstone). Taubman will remain the partner responsible for the joint management of the three shopping centers located in Hanam, South Korea; Xi'an, China; and Zhengzhou, China. The transaction is valued at USD 480 million.
Baker McKenzie fielded a top international transactional team led by Jason Ng, Partner and co-chair of Baker McKenzie’s Global Investment Funds Group based in the Hong Kong office. Jason was supported by a multi-office team comprising May Lau, Sean Yeo, Da Wang, Andrew Choi and Brian Chu in Hong Kong; Addison Braendel (Partner) and Braden Stevenson in Chicago and Alexander Gong (Partner at Baker McKenzie FenXun (FTZ) Joint Operation Office in Shanghai).
The transaction signals a very active start to 2019 after a busy 2018 for Baker McKenzie's Asia Pacific Funds, Real Estate and REIT Groups. Recently, the team has advised on a number of other prominent matters in the real estate sector including advising CPPIB on its cornerstone investment into the largest Japan-focused logistics private real estate fund established by GLP; advising Weave Co-Living in connection with a USD 181 million investment from Warburg Pincus; advising Link REIT on its disposal of 12 shopping centers in Hong Kong to a consortium led by Gaw Capital for HKD 12.01 billion; and advising Spring REIT on its successful defence against PAG Real Estate’s unsolicited takeover bid.