Herbert Smith Freehills has advised ICBC International Investment Management Limited, the overseas investment arm of the Industrial and Commercial Bank of China Limited (ICBC), on its US$50 million acquisition of a 6% stake in SCP Company Limited.
SCP is a Chinese shopping mall developer and operator. It owns and manages 19 shopping malls under three shopping mall brands, namely Incity, SCP Plaza and One City.
Concurrent to ICBC’s equity investment in SCP, global private equity firm Blackstone Group also made a US$400 million investment in SCP, which will hold assets totalling in excess of $2 billion after respective investments.
The Herbert Smith Freehills deal team was led by Hong Kong partners Matt Emsley and Alexander Aitken, who were supported by associates Minchu Wang, Feng Xiao, Jonathan Lau and Lorraine Yip.
Last year, Herbert Smith Freehills also advised ICBC on its first ever overseas RMB bonds issue worth US$157 million.
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