Linklaters acted as international legal counsel to the lead managers and placement agents on the initial placement of units in Cube Highways Trust (Cube InvIT), an infrastructure investment trust, comprising a diversified portfolio of 18 road assets with an aggregate length of 1,423.6 kilometres across eleven states in India, raising INR 5,225.8 crore (approximately US$630m).
Cube InvIT is sponsored by Cube Highways and Infrastructure Pte. Ltd. and Cube Highways and Infrastructure III Pte. Ltd., part of the Cube Highways Group, which is a 100% institutionally-owned platform backed by a diversified investor base, including I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and Japan Highways International BV.
The lead managers and placement agents on the transaction were Citigroup Global Markets India Private Limited and J.P. Morgan India Private Limited.
The Linklaters team was led by Head of South and Southeast Asia Capital Markets Amit Singh, with support from counsel Joseph Wolpin.
Capital markets partner Amit Singh, commented: “We are grateful for the continued trust and confidence from our clients to support them on strategic, high-profile transactions such as this one. The launch of the Cube InvIT demonstrates the confidence from international investors in the wider development of India as a market that offers significant growth opportunities in roads and infrastructure investments. We congratulate all parties involved in this successful transaction.”
Linklaters has an established reputation as a leading Indian equity capital markets practice, offering clients the technical expertise and commercial awareness to create novel solutions to maximise investment opportunities. With one of the largest teams of any firm focused on Southeast Asia and India, the team has worked with India’s leading corporates as they invest both within and outside India across a wide range of sectors.
