Norton Rose Group has advised Sumitomo Corporation and Sumitomo Corporation (China) Holding Limited on the acquisition of three waste water treatment projects in China. The instructions included the establishment of a joint venture with Beijing Capital Co Limited’s wholly owned subsidiary Beijing Capital Hong Kong Ltd for water infrastructure related business. Sumitomo Corporation and Beijing Capital plan to use the joint venture as a platform for investments in the water sector throughout China.
The three wastewater treatment service projects with a total treatment capacity of 290,000 cubic metres a day will operate in the Chinese provinces of Shangdong and Zhejiang.
Chris Viner corporate partner, Tokyo commented;
“Water is an important focus for Japanese investors and our Tokyo and Beijing offices have been involved in a significant number of desalination, waste water and water treatment projects in the last 18 months. This is a trend that will continue and this acquisition and joint venture is indicative of the potential in the sector for future investment.”
The transaction was successfully completed following close collaboration between Norton Rose with the Sumitomo Corporation business and legal teams based both in Tokyo and Beijing.
The Norton Rose Gaikokuho Jimu Bengoshi Jimusho, Tokyo team was led by corporate partner Chris Viner assisted by associate Katarina Svitekova ; the Norton Rose LLP Beijing team was led by projects partner Tom Luckock assisted by Of Counsel Jeremy Pooley, together with support from Xia Jing and Hu Ziyi. Further corporate support on Hong Kong law aspects was provided by corporate partner Jon Perry and associate Alex Cosgrove in the Hong Kong office.
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