A&G News 27 May 2019
Allen & Gledhill advised ARA Trust Management (USH) Pte. Ltd., as the manager of ARA US Hospitality Property Trust (the “REIT Manager”), ARA Business Trust Management (USH) Pte. Ltd., as the trustee-manager of ARA US Hospitality Management Trust (the “Trustee-Manager”), together with the REIT Manager, (the “Managers”), and ARA Real Estate Investors 23 Pte. Ltd., as the sponsor of ARA US Hospitality Trust (the “Sponsor”), on the approximately US$498 million initial public offering (“IPO”) of ARA US Hospitality Trust on the main board of Singapore Exchange Securities Trading Limited.
ARA US Hospitality Trust is a stapled group comprising ARA US Hospitality Property Trust and ARA US Hospitality Management Trust.
Allen & Gledhill also advised the Managers on the approximately US$270.8 million comprising: (i) a five-year secured term and letter of credit facilities of up to approximately US$260.8 million; and (ii) a three-year unsecured revolving credit facility of up to US$10.0 million (collectively, the “New Loan Facilities”).
Advising the Managers and Sponsor on the IPO were Allen & Gledhill Deputy Managing Partner Jerry Koh and Partners Foong Yuen Ping, Chua Bor Jern.
Advising the Managers on the New Loan Facilities were Allen & Gledhill Partners Jafe Ng and Ong Kangxin.