Ashurst is advising on the A$2.99 billion proposed acquisition of the outstanding units in Commonwealth Property Office Fund (CPA) via way of an off-market takeover offer by GPT Group (GPT).

The consideration under the offer includes 0.141 GPT securities per CPA unit and A$0.75325 for every CPA unit (where the cash component will be reduced by the amount of any distribution paid on a CPA unit following the date of the announcement, 19 November 2013).

On November 6, 2013, Toll Brothers, Inc., the nation’s leading builder of luxury homes, and Shapell Industries, Inc., a premier private California builder, announced that they have entered into a definitive purchase agreement under which Toll Brothers will acquire the home building business of Shapell in a stock acquisition for approximately US$1.6 billion in cash. Cravath represented Toll Brothers, Inc. in connection with this transaction, which is expected to close in the first quarter of 2014 following satisfaction of customary closing conditions.

Helmy, Hamza & Partners (a member of Baker & McKenzie International) has advised Majid Al Futtaim Properties Egypt in connection with the EGP3 billion (circa US$435 million) project financing of the construction of the Mall of Egypt.

Ashurst has advised Odeon Property Group LLP ("Odeon") on the sale of a portfolio of 10 out of town Odeon cinema properties to LondonMetric Property plc for £80.6 million (net of corporate acquisition costs).

Global law firm White & Case LLP has advised Greentown China Holdings Ltd, a luxury residential property developer in China, on its high yield offering of US$300 million 8 percent Senior Notes due 2019.

Together with this latest offering, White & Case has represented Greentown in high yield offerings and bank financings in 2013 which secured approximately US$2 billion in aggregate of long-term funding for Greentown.

Shearman & Sterling has served as legal counsel to global real estate investment firm GTIS Partners LP in the structuring and formation of GTIS US Residential Strategies Fund LP and its various parallel funds. The fund recently held its final closing with $716 million of aggregate investor commitments (including co-investments), thereby exceeding its initial target and meeting its hard cap on fund size.

King & Wood Mallesons SJ Berwin has advised Singapore-listed property developer, Oxley Holdings Limited, on the acquisition of Royal Wharf, the city’s largest mixed-use real estate site, from Ballymore Group for £200 million.

Oxley is a lifestyle property developer specialising in quality residential, commercial and industrial projects, with projects in China, Malaysia and Cambodia. It plans to build 3,400 homes, offices and shops on the 40-acre (16-hectare) site at the Royal Docks on the banks of the River Thames in London.

Global legal practice Norton Rose Fulbright has advised leading regional developer Majid Al Futtaim on one of the first international hybrid bond issuances by a corporate borrower in the Gulf region. The issuance of US$500 million Reset Subordinated Perpetual Notes, callable after five years, were rated BB+ and received a 50 per cent equity credit by both Standard & Poor's and Fitch.

Slaughter and May, Hong Kong, advised Wing Tai Properties Limited, a company listed on the Hong Kong Stock Exchange, on the annual update of  the US$1,000,000,000 MTN programme established by its wholly-owned subsidiary. Notes issued under the programme are guaranteed by Wing Tai Properties. HSBC and Standard Chartered were the arrangers for the programme.

CONTACTS

Neil Hyman (partner), Alana Lam (associate), Catherine Hau (associate)

Slaughter and May advised Derwent London plc, a leading London property developer and investor, in relation to a note purchase agreement with New York Life for the issue and purchase of £100 million private placement notes. The notes are to be issued in January 2014 and will consist of £25 million Series A Notes, with a maturity of 15 years and a coupon of 4.41%, and £75 million Series B Notes, with a maturity of 20 years and a coupon of 4.68%. The proceeds will be used to refinance existing financial indebtedness and for general corporate purposes.