Allen & Gledhill
has advised Singaporean developer
Far East Organization
on the initial public offering of its Far East Hospitality Trust, which holds 11 hotels and serviced apartment buildings.
Far East sold over 771 million so-called staple securities in the trust, excluding those taken up by the parent company. The staple securities comprise ownership in both a Far East real estate investment trust and a Far East business trust. Including Far East’s shares, a total of 1.6 billion securities were issued, raising about $1.2 billion from the listing.
It is the largest IPO in Singapore so far this year.
The money, along with another $520 million in raised debt, will be put toward the purchase of Far East Hospitality Trust’s initial real estate portfolio.
Allen & Gledhill partners Jerry Koh, Ho Kin San, Foong Yuen Ping, Ernest Teo Shen-Yi, and Fock Kah Yan led on the deal.
Allen & Overy
and Singapore firm
Shook Lin & Bok
acted for underwriters DBS Group Holdings Ltd., HSBC Holdings Plc and Goldman Sachs Group Inc. Partners Andrea Ng and Tan Woon Hum led work for Shook Lin & Bok. The names of Allen & Overy’s partners were not available at press time.