Baker & McKenzie is advising The Link Management Limited ("Manager"), manager of The Link Real Estate Investment Trust (”The Link REIT”), on the sale of four retail properties by The Link REIT for a total consideration of HKD1.239 billion. The properties were sold by way of private tender and comprise: (i) the Hing Tin Commercial Centre; (ii) the Kwai Hing Shopping Centre; (iii) the retail and car park within Tung Hei Court; and (iv) the Wah Kwai Shopping Centre. Completion of the sales is scheduled to take place on 31 July 2014.
The Baker & McKenzie team is led by partner Milton Cheng, head of the Firm’s REIT practice in Hong Kong/China, and Debbie Cheung, partner in the Firm's real estate group. The team also includes corporate associate Jeremy Ong and real estate associate Tony Chik.
Commenting on the deal, Milton Cheng said, “We are delighted to have been given the opportunity to assist The Link REIT on its first asset sales since its IPO in 2005. The sales mark a new phase in The Link REIT’s asset management strategy. We are excited at being able to support The Link REIT in its continued growth and development.”
The Link REIT currently has a portfolio consisting of properties with an internal floor area of approximately 11 million square feet of retail space and approximately 79,000 car park spaces.
Baker & McKenzie's Asia-Pacific REIT Group has been at the forefront of groundbreaking REIT transactions in Asia. The team has been involved in almost all of the significant transactions to date involving REITs listed or with assets in Hong Kong – including The Link REIT’s follow-on acquisitions and disposals, financings, medium-term note programme and investment mandate expansion into the PRC; Fortune REIT’s IPO, its dual primary listing in Hong Kong by way of introduction, follow-on acquisitions and financings; Prosperity REIT’s IPO, follow-on acquisitions and financings; Hui Xian REIT’s IPO, follow-on acquisition and financings; Yuexiu REIT’s IPO, follow-on acquisitions, financings and medium-term note programme; Champion REIT’s IPO, follow-on acquisitions, financings, medium-term note programme and convertible bonds issuances; Regal REIT’s follow-on acquisitions, financings and medium-term note programme; New Century REIT's IPO; Sunlight REIT’s IPO; and RREEF China Commercial Trust’s IPO.
The team has also advised on numerous other significant REIT-related deals in the Asia-Pacific, including Impact Growth REIT, likely to be the first REIT to be established in Thailand; Prospect REIT Investment Corporation's merger with Japan Rental Housing Investments Inc.; Tower REIT’s IPO, Fubon No. 1 REIT’s and Fubon No. 2 REIT’s IPOs; MacarthurCook Industrial REIT’s IPO; Tokyo Growth J-REIT’s IPO; ARA Asset Management’s IPO; YTL Corporation’s acquisition of interests in Macquarie Prime REIT (now known as Starhill Global REIT); and Starhill Global REIT’s first acquisition in Australia.
