16 December, 2015
Mayer Brown JSM acted as the legal adviser for Bayline Global Limited on its acquisition of Shanghai Corporate Avenue 3 from Shui On Land Limited. The two parties signed the sale and purchase agreement on 10 December 2015.
Bayline Global is a joint venture between LKK Health Products Group Limited (a member of Lee Kum Kee) and Vanke Property (Hong Kong) Company Limited, in which LKK owns 90 percent of the shares and Vanke the remaining 10 percent.
With the deal valued at RMB 5.7 billion (approximately USD 885 million) and involving complex legal issues and negotiations under a very tight timeframe, the purchase represents one of the largest real estate transactions in Shanghai in 2015.
Located in the trendy Xintiandi district, Corporate Avenue 3 has a gross floor area of approximately 87,295 sq. m., comprising of 24 floors of Grade A office space and five floors of retail space. Completed in the first half of 2015, the property is scheduled to open at the end of year.
“We’re very proud to be part of this transaction, with our clients expressing satisfaction with our services. The size of the deal and the parties involved are testaments to the enormous opportunity in China’s real estate market,” says Alan Yip, Real Estate partner, Mayer Brown JSM.
Besides Alan, the Mayer Brown JSM team also involved Real Estate partner David Ellis, associates Cherie Leung, Jane Du and Jessica Ip, and other team members.