Singapore

Top Singaporean firms WongPartnership and Allen & Gledhill are advising on a $4.4 billion proposal that will see Singaporean developer CapitaLand Ltd. acquire logistics and industrial assets from Singaporean sovereign wealth fund Temasek Holdings Pte. Ltd.

In a cash-and-stock deal, CapitaLand offered to buy the industrial park and data center assets from Temasek’s real estate developer arm Ascendas-Singbridge Pte. Ltd. Ascendas-Singbridge will receive $2.2 billion in cash and $2.2 billion in CapitaLand shares. According to a statement by CapitaLand, the deal would make the company the largest diversified real estate group in Asia, with $85.8 billion in assets under management.

The transaction is subject to CapitaLand shareholder approval at a special meeting held in the first half of 2019. The deal is expected to be completed by the third quarter of this year.

WongPartnership managing partner Ng Wai King is leading a team advising CapitaLand. Ng is supported by mergers and acquisitions partners Andrew Ang, Chan Sing Yee, Anna Tan and Lydia Ong; real estate partners Tan Teck Howe and Joyce Ang; and financial services regulatory partner Chan Jia Hui. Last year, Ng also represented CapitaLand on a $1.33 billion sale of shopping malls to property giant China Vanke Co. Ltd.

Allen & Gledhill M&A partners Richard Young and Lauren Chung are acting for Ascendas-Singbridge.

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Asia Deal Digest: Jan. 10, 2019