Baker & McKenzie acted as REIT trustee’s counsel for the initial public offering and listing of New Century Real Estate Investment Trust (“New Century REIT”) on 10 July 2013. New Century REIT, which will initially hold five premium hotels across regional central cities in China, is the first China hotel focused REIT to be listed on the Hong Kong Stock Exchange.
The manager of New Century REIT is New Century Asset Management Limited, which is held by the sponsors of the REIT being the New Century Group and the Carlyle Group. The New Century Group is the largest domestic private-sector hotel group in China with 107 star-rated hotels in operation or under development. The Carlyle Group is a global alternative asset manager with approximately US$176 billion in assets under management and offices in 34 countries. The trustee of New Century REIT is DB Trustees (Hong Kong) Limited.
Morgan Stanley Asia Limited and Standard Chartered Securities (Hong Kong) Limited acted as the joint global coordinators and joint listing agents. The joint bookrunners and joint lead underwriters were Morgan Stanley Asia Limited, Standard Chartered Securities (Hong Kong) Limited, BOCl Asia Limited, BOCOM International Securities Limited, CCB International Capital Limited, China Galaxy International Securities (Hong Kong) Co., Limited and Haitong International Securities Company Limited.
Corporate partner Jason Ng and senior associate Jeremy Ong led the Baker & McKenzie team advising DB Trustees (Hong Kong) Limited, the trustee of New Century REIT.
Baker & McKenzie’s Asia-Pacific REIT Group has been at the forefront of ground-breaking REIT transactions in Asia. The team has been involved in almost all of the significant transactions to date involving REITs listed or with assets in Hong Kong – including Champion REIT’s IPO, follow-on acquisitions, medium-term note programme, placements and convertible bonds issuances; Yuexiu REIT’s IPO and follow-on acquisitions and financings, including its investment in Guangzhou International Finance Center and medium-term note programme; the Link REIT’s medium-term note programme and its property acquisitions; Fortune REIT’s IPO, its dual primary listing in Hong Kong by way of introduction, follow-on acquisitions and financings; Hui Xian REIT’s IPO, the first RMB denominated REIT to be listed in Hong Kong; Regal REIT’s follow-on acquisitions and medium-term note programme; Prosperity REIT’s IPO and follow-on acquisitions and financings; Sunlight REIT’s IPO; and RREEF China Commercial Trust’s IPO.
The team has also advised on numerous other significant REIT-related deals in the Asia-Pacific – including Prospect REIT Investment Corporation’s merger with Japan Rental Housing Investments Inc., Tower REIT’s IPO, Fubon No. 1 REIT’s and Fubon No. 2 REIT’s IPOs, MacarthurCook Industrial REIT’s IPO, Tokyo Growth J-REIT’s IPO, ARA Asset Management’s IPO, YTL Corporation’s acquisition of interests in Macquarie Prime REIT (now known as Starhill Global REIT) and Starhill Global REIT’s first acquisition in Australia.
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