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Baker & McKenzie Advises The Link REIT On Its Successful Bid For Government Land, Through A Joint Venture With Nan Fung.

29 January, 2015

 

Baker & McKenzie is advising The Link Management Limited (“Manager“), the manager of The Link Real Estate Investment Trust (“The Link REIT”), on The Link REIT’s successful bid for Government land through a joint venture with Nan Fung for HKD 5.86 billion. The land is situated in Kwun Tong, Kowloon. The joint venture (held by The Link REIT as to 60% and Nan Fung as to 40%) intends to develop the land into a Grade-A office commercial complex comprising two office towers with retail elements and car-parks. Baker & McKenzie also advised on the expansion of The Link REIT’s investment mandate to include property development activities, which was approved by The Link REIT’s unitholders earlier this year. 

 

The Baker & McKenzie team for the successful land bid is led by Edmond Chan, head of the Firm’s real estate practice in Hong Kong/China, on the documentation and real estate aspects, and by Milton Cheng, head of the Firm’s REIT practice in Hong Kong/China, on the regulatory aspects. Real estate partners May Lau and Debbie Cheung were also involved.

 

Commenting on the deal, Milton Cheng said, “As transaction counsel, we are proud to assist and support The Link REIT in its continued growth and development. This is the first H-REIT acquisition for the purposes of property development since August 2014, when the REIT Code was amended to allow such activities, and represents an exciting new development for The Link REIT as well as H-REITs more generally.”

 

Edmond Chan added that, “We are delighted to have been able to work with The Link REIT on this challenging joint venture. The need to balance the commercial negotiations among various parties with the novel REIT regulatory issues made this deal particularly complex and interesting.”

 

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