2 September, 2015
Baker & McKenzie is advising Yuexiu Real Estate Investment Trust ("Yuexiu REIT"), a long-standing client of the Firm, on its RMB2,627.2 million acquisition of Hongjia Tower. Hongjia Tower comprises a 25-storey Grade A office building with retail spaces and carparks, and is located in the Zhuyuan central business district of Pudong, Shanghai.
The Baker & McKenzie team was led by Hong Kong-based corporate partner, Dorothea Koo, supported by special counsel Jeremy Ong. Finance partner Simon Leung and tax partner Liu Jinghua also provided support on the acquisition financing and PRC tax aspects, respectively.
Commenting on the transaction, Dorothea Koo said, “We are delighted to be able to assist Yuexiu REIT on this significant transaction, its first acquisition outside Guangzhou. Our close working relationship with the client, combined with our public company M&A, REIT, regulatory and finance expertise, enabled us to work with the client and its joint financial advisers to navigate through the complex structural and regulatory issues.”
Milton Cheng, Managing Partner of Baker & McKenzie's China and Hong Kong offices and head of the Firm’s REIT practice in Hong Kong and China added, “The acquisition marks a significant new phase in Yuexiu REIT’s growth strategy. We are excited at being able to support Yuexiu REIT on their continued growth and development as they expand their portfolio past Guangzhou.”
The joint financial advisers to the manager of Yuexiu REIT are (in alphabetical order) DBS Asia Capital Limited, Morgan Stanley Asia Limited and Standard Chartered Bank (Hong Kong) Limited.
