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Allen & Gledhill advised on CapitaLand Commercial Trust landmark deal
14 Nov 2017

​Allen & Gledhill acted as transaction counsel and advised CapitaLand Commercial Trust Management Limited (“CCTML”), as manager of CapitaLand Commercial Trust (“CCT”), on the S$2.1 billion acquisition of Asia Square Tower 2[1] from BlackRock Asia Property Fund III L.P.. Asia Square Tower 2 is part of a 46-storey integrated commercial development in the Singapore Central Business District. It will be CCT’s first premium Grade A property located in the Marina Bay area, a major business and financial precinct in Singapore. 

This is the largest single office real estate acquisition in Singapore in 2017 and the second largest single office real estate acquisition ever in Singapore.
 
In connection with the acquisition, Allen & Gledhill also advised CCTML on (i) the approximately S$700 million underwritten and renounceable rights issue by CCT and (ii) the S$1.425 billion bank loans borrowed by CCT, the total proceeds of which were utilised to finance the acquisition.
 
Allen & Gledhill deployed its market-leading, full-service capabilities to advise CCTML on all aspects of the transaction, ranging from real property, capital market and debt financing, tax and disputes to the acquisition itself. The Allen & Gledhill team comprises Prawiro Widjaja (M&A), Eudora Tan (corporate real estate), Lim Pek Bur (tax), Jerry Koh and Teh Hoe Yue (REITs/capital market), Kok Chee Wai (bank loans) and Tay Yong Seng (disputes).
 
CCT was the first and is the largest commercial real estate investment trust on the Singapore Exchange with a market capitalisation of S$6.6 billion as at 13 November 2017.


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[1] Excludes the hotel premises which is owned by an unrelated third party. 

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