Cadwalader successfully advised New Century Asset Management Limited, manager of the Hong Kong-listed New Century Real Estate Investment Trust (New Century REIT), on its €28.9 million acquisition of Holiday Inn Eindhoven in the Netherlands. The transaction closed on 9 August 2016.

This is the first time that a Hong Kong-listed REIT successfully acquired overseas property situated outside of Greater China.

“This is an interesting transaction with multinational aspects. We are pleased to have advised on this debut transaction which sets a precedent for Hong Kong REITs for overseas acquisitions,” said lead partner Stephen Chan. “We are also very happy to have brought the New Century REIT transaction to a smooth and successful conclusion within a tight timeline given the stringent SFC vetting process.”

New Century REIT is the first China-based hotel REIT in the world that owns six five-star hotels and one four-star hotel in the country.

The Cadwalader team was led by corporate partner Stephen Chan and included associate Denise Tsui and trainee solicitor Jacqueline Foo, all based in Hong Kong.

Cadwalader has been advising clients in China and across the Asia-Pacific region for over a decade, providing premier legal services to leading global financial institutions and multinational companies doing business in Asia. Cadwalader also serves Asia-based entities in their international business activities and investments into the United States and throughout the world. Cadwalader’s Hong Kong team has worked together for the past 25 years, advising on some of the most complex transactions in Hong Kong and China.