REPRESENTATIVE CASES

MAPLETREE LOGISTICS TRUST

Value: S$778.3m
Lead partners: Pat Lynn Leong (RealEstate) and Claire Wu (Real Estate)
Location: Singapore
Status: Completed

Details: Dentons Rodyk acted for Mapletree Logistics Trust Management Ltd, the Manager of Mapletree Logistics Trust (“MLT”) (the first Asia-focused logistics REIT in Singapore), in MLT’s proposed acquisition
of five modern, ramp-up logistics properties from Hong Kong-listed CWT International Limited (a wholly-owned subsidiary of Chinese conglomerate HNA Group), for the acquisition purchase price of S$778.3m.

The sum comprised the aggregate purchase consideration of S$730 million, and aggregate estimated upfront land premium of S$48.3m for the balance lease terms payable to JTC Corporation. The deal was completed on 28 September 2018, after which, Mapletree’s total assets under management increased to approximately S$7.6bn.

The Properties comprise a total gross floor area of approximately 3,212,045 sq ft. They are located in three key logistics clusters in the western part of Singapore – close to the PSA Terminals, Jurong Port, and a majority of the container yards in Singapore, and also have good connectivity to major transport infrastructure.

Mapletree is a leading real estate development, investment and capital management company headquartered in Singapore. It currently manages four Singapore-listed real estate investment trusts
(REITs) and six private equity real estate funds, which hold a diverse portfolio of assets in Asia Pacific, the United Kingdom (UK) and the United States (US).

BLACKSTONE’S RENOVATION OF WILLIS TOWER

Value: US$500m+
Lead partners: Linda White (Partner,Chicago)
Location: Chicago, Illinois, USA
Status: Ongoing

Details: Representing Blackstone on the US$500m+ renovation of Willis Tower. One of the only major renovations since it was built in 1974, the plans include renovation of 460,000C. of existing space, including significant upgrades to tenant amenities, elevator bank renovations and improvements to Skydeck Chicago on the 103rd floor, which has over 1.7 million tourist visits a year.

The plans also include more than 300,000 square feet of new retail, dining and family entertainment areas to be built on the groundfloor, as well as a 30,000 sq ft outdoor deck and garden. Linda and her team are overseeing all construction, leasing and IP issues associated with the new plans and licensing of expanded areas. Since 1986, Linda White has represented Willis Tower through successive ownerships. Now owned by Blackstone, Willis Tower with 3.8 million sq ft of office space is a city unto itself with a myriad of uses in addition to the office portion of the building. Those include the Skydeck, broadcast facilities and antennas, retail, conference center, restaurants and health club facilities.

Through the years Linda has leased the office and retail space in the building multiple times, was instrumental in the addition of the DTV antennas to the building and the negotiations with the broadcast tenants, and in many of the management-related issues for the building.

SALE OF TWENTY ANSON

Value: S$516m
Lead partners: Pat Lynn Leong (Real Estate) and Claire Wu (Real Estate)
Location: Singapore
Status: Completed

Details: Dentons Rodyk acted as lead transaction counsel for CapitaLand Commercial Trust Management Limited (Manager of the SGX-listed REIT, CapitaLand Commercial Trust), in the sale of Twenty Anson to an unrelated third party for a sale consideration of S$516m.

Twenty Anson is a 20-storey office building located in Tanjong Pagar, a sub-market of Singapore’s Central Business District. This was Singapore’s largest office real estate deal in 2018, with the sale consideration working out to S$2,503 per sq ft based on the building’s net lettable area of approximately 206,000
sq ft. The transaction was completed on 29 August 2018.

Completed in 2009, Twenty Anson has a committed occupancy rate of 94.3% as of 31 March 2018, with its top three tenants beingToyota Motor Asia Pacific Pte Ltd, BlackRock Advisors Singapore Pte Ltd, and BCD Travel Asia Pacific Pte Ltd.

BREEVAST MESDAG DELTA PORTFOLIO

Date of the deal: April 2018
Lead partners: Marcel Janssen and Krijn Hoogenboezem
Location: Netherlands
Status: Completed

Details: Dentons represented an affiliate of real estate investor Breevast in an ultimately successful attempt to prevent an enforcement sale of its Dutch real estate Mesdag Delta portfolio. Concurrently, the firm advised Breevast in respect of its agreement with an affiliate of HighBrook Investors, a real estate private equity firm, to acquire and recapitalize the entire portfolio. The portfolio consists of 56 assets spread throughout the Netherlands totalling 456,000 sq m. It includes a number of monumental trophy buildings in the city centre of Amsterdam as well as light-industrial properties and large grocery-anchored retail centres. Over 50% of the portfolio is located in Amsterdam and nearly 70% is located within the greater Randstad area. As a result of the transaction, Breevast has repaid the existing €615m loan.

GEOLO CAPITAL

Value: US$480m
Lead partners: Meghan Cocci (Hotels and Leisure, Phoenix) and Sara Werner (Corporate, New York)
Location: Various Countries
Status: Completed

Details: Dentons led the representation of Geolo Capital, the private-equity division of John A. Pritzker’s family office, in the US$480 million sale of a hotel portfolio to Hyatt Hotels Corporation. Geolo and Lowe Enterprises, the two partners in Two Roads Hospitality, sold Two Roads’ portfolio of 85 hotels across eight countries. Under the agreement, all of Two Roads’ brands – Alila, Destination, Joiede Vivre, Thompson and tommie – will join Hyatt’s global brand portfolio.

Hyatt will also assume management of Geolo’s iconic properties, including Carmel Valley Ranch and Ventana Big Sur.

MIKE ASHLEY/SPORTS DIRECT

Date of the deal: April 2018
Lead partner: Andrew Henderson
Location: UK
Status: Ongoing

Details: Dentons acted for longstanding client Sports Direct in relation to its very high-profile acquisition of House of Fraser.Dentons had previously advised Sports Direct primarily on real estate matters in the UK, Europe and the US. For this matter, Dentons advised in relation to various insolvency and litigation matters and also in connection with the acquisition, leasing, and in some cases development of over 50 House of Fraserstores.

GREENLAND USA

Value: US$400m
Lead partner: Gregory Fennell (Partner,California)
Location: Los Angeles , California, USA
Status: Ongoing

Details: Representation of Greenland USA in the securing of a US$400m construction loan. This representation is related to the construction of the third phase of the billion-dollar Metropolis Project in downtown Los Angeles. Dentons has represented Greenland throughout its development of the Metropolis Project, helping them secure several hundred million dollars in construction and EB-5 financing.

GEMDALE GROUP’S INVESTMENT IN AND ACQUISITION OF A NUMBER OF PROJECTS

Value: $140m-740m
Lead partner: Li Jin, Yunyan Zhu (RealEstate & Construction, Shanghai)
Location: Shanghai, China
Status: Completed

Details: Advised Gemdale Group’s East China Regional Company on its project investment in East China region, and provided special legal services for its acquisition of a state-owned real estate project listed on the Shanghai United Assets and Equity Exchange for which it submitted a bid, approximately
1,500 acres of land in Taicang, Jiangsu Province, and other projects in Shanghai and Jiangsu Province.

ZHONGLIANG REAL ESTATE GROUP’S ACQUISITION OF A NUMBER OF REAL ESTATE PROJECTS

Value: $140m-1.48bn
Lead partner: Li Jin, Yunyan Zhu (RealEstate & Construction, Shanghai)
Location: Shanghai, China
Status: Completed

Details: Provided legal due diligence and overall acquisition legal services for Zhongliang Group’s acquisition of a number of projects. In order to meet the needs of Zhongliang Group’s group strategy for rapid expansion, we worked with seven companies under the group to conduct due diligence and deal negotiations on the target projects. In principle, we would render the risk assessment report no more than one week upon commencement.

SHANGHAI BAILIAN ZHONGHUAN SHOPPING MALL PROJECT

Value: $300m
Lead partner: Charles Wu, Ying Sun, SiChen (Real Estate & Construction, Shanghai)
Location: Shanghai, China
Status: Completed

Details: Bailian Zhonghuan Shopping Mallis located at the intersection of the Shanghai Nanjing Expressway and Middle Ring Line of Zhenbei Road, covering an area of 100,000 sq m and a building area of 430,000 sq m. It is currently one of the largest comprehensive shopping malls in the Yangtze Delta
Economic Circle, and is a giant and modern consumption place incorporating shopping, catering, leisure, and recreation services. As a legal adviser to this large real estate project, we assisted the transferee in acquiring the project as a whole and participated in the legal work for construction and store lease.

DEXUS PROPERTY GROUP

Value: A$230m
Lead partner: Matthew Rollason
Location: Melbourne, Australia
Status: Completed

Details: Dentons in Australia advised Dexus, an Australian Real Estate Investment Trust with A$27.2bn of assets under management, on its A$160m acquisition of 60 Collins Street, Melbourne from the Reserve Bank of Australia. In addition, Dentons also helped Dexus negotiate a second, A$70m deal for a smaller block next door at 52 Collins Street. Dexus proposes to consolidate the two sites across circa 2,000 square metres, giving Dexus the unique opportunity to develop a prime grad office building at the prized top end of Melbourne’s Collins Street.