Baker & McKenzie's Asia Pacific REIT team has assisted MacarthurCook, one of Australia’s emerging international real estate investment managers, on the successful acquisition of 12 Singapore industrial properties for S$316.2 million (US$208 million). The properties formed the initial portfolio of the MacarthurCook Industrial REIT (“MI-REIT”), which commenced trading on the Main Board of Singapore Exchange Securities Trading Limited (the “SGX-ST”) yesterday. It is intended that more industrial properties will be acquired in Asia for the MI-REIT.
Baker & McKenzie's Asia Pacific REIT team for this transaction was co-led by the partners Ai Ai Wong in Singapore and Lewis Apostolou in Melbourne who worked collaboratively with support from lawyers in Singapore and Australia.
Commenting on the deal in Singapore, Ai Ai Wong said: “This is a very exciting time for MacarthurCook particularly as the new MI-REIT will enable our client to achieve their principal investment objective of owning and investing in a diversified portfolio of income-producing real estate located throughout Asia.” Lewis Apostolou, in Melbourne, Australia, added: “We are delighted to have had the opportunity to continue our collaboration with MacarthurCook, and to assist them as they successfully expand their investment management business internationally.”
This is the second time Baker & McKenzie has acted for MacarthurCook in connection with a Singapore offering, having concluded the secondary listing of the MacarthurCook Property Securities Fund on the Singapore Stock Exchange in December 2006. On that occasion, Baker & McKenzie acted as Australian legal counsel, and Colin Ng & Partners as local counsel in Singapore.
The new MI-REIT contributes to the growing track record that Baker & McKenzie’s Asia-Pacific REIT team has built over the last 18 months, with the team acting on a number of strategic REIT deals including:
• Advising ARA Asset Management (Prosperity) Limited, the Manager of Prosperity REIT, on its IPO, listing and post IPO property acquisitions in Hong Kong.
• Advising Guangzhou Investment Company Limited (GZI) on the establishment and listing of GZI REIT - the first listed REIT with PRC mainland properties on the Hong Kong Stock Exchange.
• Advising GuocoLand (Malaysia) Berhad on the establishment and IPO of the Tower REIT on the Malaysian Stock Exchange.
• Acting for the issuer Fubon Financial on the IPOs and listings of both the Fubon No.1 and No. 2 REITs on the Taiwan Stock Exchange.
• Advising the underwriter of the Tokyo Growth J-REIT which consists of 46 offices and residential properties and is listed on the Tokyo Stock Exchange.
Baker & McKenzie’s Global REIT team is also active in other REIT markets around the world including in Europe, where new REIT legislation continues to be introduced by European governments.
