Baker McKenzie and Walkers have advised on Malaysian developer IOI Properties Group’s SGD2.5 billion (USD1.9 billion) acquisition of Asia Square Tower 2, a business centre in Singapore.
Singapore-based partner Tania Toh led the Walkers team, while Baker McKenzie’s team was led by Shirin Tang, principal and head of the mergers and acquisitions practice in the Lion City, together with local principals Mark Tay and Tan En Lai.
“We advised IOI Properties on the BVI law aspects of the proposed acquisition of 100% of the issued share capital of MVKimi, the British Virgin Islands entity that owns Asia Square 2, working closely with Baker & McKenzie as lead counsel,” Toh told Asia Business Law Journal.
Baker McKenzie also guided IOI Properties on the signing of definitive transaction documents to acquire MVKimi from CapitaLand Integrated Commercial Trust, a Singapore real estate investment trust listed on the Singapore Exchange Securities Trading (SGX?ST).
Toh said the transaction highlighted the ongoing use of BVI holding structures for prime real estate assets and reflects the 箩耻谤颈蝉诲颈肠迟颈辞苍’蝉 established market familiarity among sponsors, investors and counterparties
Asia Square Tower 2 is a 46-storey premium office building with 72,343 square metres of net leasable space. Notable tenants include Japan’s Mizuho Bank and German financial services company Allianz.
The transaction is expected to be completed by the third quarter of this year. On completion, IOI Properties will have SGD10 billion (USD7.8 billion) of assets under management in Singapore, with a total leasable area of 2.6 million square feet.
