29 December, 2013

Baker & McKenzie is advising ARA Asset Management (Prosperity) Limited (“ARA”), the manager of Prosperity Real Estate Investment Trust (“Prosperity REIT”), on Prosperity REIT’s proposed acquisition of a 25-storey Grade-A office building in Kwun Tong, Hong Kong, for a purchase consideration of HKD1,010 million. The acquisition will be financed by drawing down on new facilities to be put in place as well as Prosperity REIT’s existing revolving credit facility.

Commenting on the deal, Milton Cheng said, “We are delighted to have had the opportunity to assist Prosperity REIT on its ground-breaking IPO in 2005, and now to support Prosperity REIT on its first major acquisition since its IPO; and we look forward to working with them further as Prosperity REIT continues to grow.”

Milton Cheng, partner and head of the Firm’s REIT practice in Hong Kong and China, leads the team advising Prosperity REIT. The team also includes Debbie Cheung, Simon Leung, and Jeremy Ong.

Other firms involved in the process include Mayer Brown JSM advising the trustee; and Deacons advising the vendor.