28 August, 2016
Baker & McKenzie acted as counsel to the trustee of New Century Real Estate Investment Trust (“New Century REIT”), in relation to New Century REIT's acquisition of Holiday Inn Eindhoven, The Netherlands for a total consideration of €25.7 million (equivalent to approximately RMB189 million). This acquisition is the first by a Hong Kong listed REIT outside of Hong Kong and China.
The Baker & McKenzie team was led by Jeremy Ong, Special Counsel, who is part of the Firm's Financial Services practice in Hong Kong/China.
Baker & McKenzie's Asia-Pacific REIT Group has been at the forefront of ground-breaking REIT transactions in Asia. The team has been involved in almost all of the significant transactions to date involving REITs which are listed or have assets in Hong Kong. The Group's work includes advising REITs across the full spectrum of their legal requirements including IPOs, dual listings, follow-on acquisitions and disposals, financings, medium-term note programmes and convertible bond issuances. Clients of the Group include New Century REIT, Link REIT, Fortune REIT, Prosperity REIT, Yuexiu REIT, Champion REIT, Regal REIT, Hui Xian REIT, Sunlight REIT, RREEF China Commercial Trust and Spring REIT.
The team has also advised on numerous other significant REIT-related deals in the Asia-Pacific – including National Storage REIT’s equity raising; Charter Hall Retail REIT’s placement in ASX; Keppel REIT’s establishment of Australian investment structure; Parkway Life REIT’s acquisition of 2 properties in Japan; CDL Hospital Trusts / M&C REIT Management acquisition of 2 hotels in Japan; Starhill Global REIT on the acquisition of the landmark David Jones retail center in Perth; Impact Growth REIT, the first REIT to be established in Thailand; Prospect REIT Investment Corporation's merger with Japan Rental Housing Investments Inc.; Tower REIT’s IPO; Fubon No. 1 REIT’s and Fubon No. 2 REIT’s IPOs; MacarthurCook Industrial REIT’s IPO; Tokyo Growth J-REIT’s IPO; ARA Asset Management’s IPO; YTL Corporation’s acquisition of interests in Macquarie Prime REIT (now known as Starhill Global REIT).