15 December, 2015
Baker & McKenzie has advised LKK Health Products Group Limited ("LKKHPG"), a member of Lee Kum Kee, on its joint venture with Vanke Property (Hong Kong) Company Limited ("VPHK") for the acquisition of Shanghai Corporate Avenue 3 ("the Property"), from Shui On Land Limited, for a consideration of RMB 5.7 billion (around US$885 million/around HK$6,870 million).
Bayline Global Limited, the JV formed between the respective subsidiaries of LKKHPG and VPHK is 90% owned by LKKHPG with VPHK owning the remaining 10%. Upon completion of the purchase, VPHK's subsidiary company V Capital will be the integrated asset manager of the Property.
Corporate Avenue 3, completed in April 2015 and scheduled for opening at the end of 2015, is a 24-floor grade A office tower with 23 leasable office floors and five floors of retail as well as close to 400 parking spaces. The property is situated at No 168, Hubin Road, Huangpu District, Shanghai, a prime commercial and business district.
The Baker & McKenzie team advising LKKHPG was led by Christina Lee, Hong Kong-based M&A partner, supported by Special Counsel Betty Wong and Associate Tommy Tam, both Hong Kong-based.
Commenting upon the deal, Christina Lee said "We are delighted to have supported Lee Kum Kee in their joint venture with Vanke to purchase this landmark building in Shanghai's Xintiandi entertainment district. The deal was completed within a very tight timeframe and we look forward to seeing the building open later this month."
