On 5 January, SCPG Commercial Real Estate Co., Ltd. (“SCPG”) announced that SCPG, China Vanke Co., Ltd (“Vanke”) and Triwater Asset Management Holdings Limited (“Triwater”), through their respective wholly-owned subsidiaries, have reached an agreement with CapitaLand Mall Asia Limited (“CMA”), a wholly owned subsidiary of CapitaLand Limited (“CapitaLand”), to jointly acquire 100% equity and take over corresponding loans of 20 shopping malls at the price of RMB 8.365 billion. The transaction is subject to approval by relevant Chinese regulators.
SCPG, formerly known as SZITIC Commercial Property (GROUP) Co., Ltd. and became Vanke’s commercial real estate platform in 2016, is a domestic leading commercial property owner, developer and operator. The transaction involves 20 shopping malls with a total gross floor area of around 950,000 square meters, located in core areas across 19 cities in North China, East China, South China and Midwest China. SCPG will take over and operate all the 20 shopping malls upon the completion of the deal, and set out to upgrade in line with the brand positioning and operation standards of the “IN“ series. Following the deal, SCPG will speed up its layout in the regional market, obtain more customer resources, promote the strategy of stock assets optimization, and enhance synergy among different businesses.
SCPG is a long-term client of King & Wood Mallesons (KWM). Acted as legal counsel for SCPG, Vanke and Triwater, KWM has provided comprehensive legal services from due diligence investigations on domestic and foreign target companies and properties, advising on transaction structure and procedures, reviewing, drafting, negotiating and revising transaction documents to declaration of concentration of business operators. Moreover, KWM team also closely worked with CapitaLand and its counsels to endeavor to ensure and facilitate the execution of agreement, and therefore gained recognition and appreciation from clients.
The project was led by partners Tao Zhangqi and Wu Ye from Shenzhen office. KWM team members also include Partner Simon Yung from Hong Kong office, and Partner Yin Ranran responsible for anti-trust application. Partners Zhao Xianlong, Justin Lin, Harry Du, Kathy Fan, Frank Xiong, Deng Yong, George Gao, Gu Wenjiang, and Shi Xin and their teams from Shenzhen, Beijing, Shanghai, Guangzhou, Chengdu and Qingdao offices also provided great support in the due diligence phase of the project.
