ALB China Law Awards 2009: Real Estate and Construction Deal of the Year
By ALB
|
Wednesday, 9 September 2009
Behind the Real Estate & Construction Deal of the Year 2009: the Asia-Pacific land acquisition of The Center building in Shanghai
Firms: Allen & Overy, Deacons, Harneys, Jun He, Maples and Calder, Orrick, Herrington & Sutcliffe, Paul Hastings, Walkers, Zhong Lun
Bank: JPMorgan
Accountant: PwC
Why:
US$650m acquisition of The Center building from Hong Kong-listed Hutchison Whampoa Group is largest single-asset real estate acquisition by value in China's history
Short timeframe for structuring, negotiation, due diligence and documentation in a
PRC real estate market with scarce information, due to late entry into highly competitive bidding process
Innovative structure grants senior and mezzanine lenders access to onshore security
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