Hong Kong (June 9, 2011)
Paul, Hastings, Janofsky & Walker, a leading global law firm, announced today that it has advised Perennial Real Estate Pte. Ltd., (Perennial Real Estate), an integrated retail real estate management and capital management company, as the sponsor of Perennial China Retail Trusts business trust. Perennial China Retail Trust, whose investment objectives focus on owning and developing uncompleted developments as well as income-producing real estate and listed securities of real estate companies investing in retail, raised S$776 million (US$627 million) from the offering. This marks the first pure-play PRC retail development business trust to list on the Singapore Stock Exchange and the third largest IPO in Singapore so far this year.
Perennial China Retail Trust is managed by Perennial China Retail Trust Management Pte. Ltd., a joint venture between Perennial Real Estate Pte. Ltd. and the Nan Fung Group. DBS, Goldman Sachs, Standard Chartered and Citigroup were the joint global coordinators and bookrunners on the transaction.
The initial S$1.1 billion (US$893 million) property portfolio of Perennial China Retail Trust comprises 50% stakes in three prime assets in Shenyang, and the right to acquire shopping malls in Foshan and Chengdu. It also has the option to invest in a strong pipeline of prime commercial development sites connected to high-speed railway stations in Chengdu and Xian and a right of first refusal to invest in a high-speed railway commercial development site in Changsha.
The Paul Hastings team was led by partner Vivian Lam
with additional support from Pei Fang
, Yang Ling
and Erika Wan
. Paul, Hastings, Janofsky & Walker LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.