18 August 2011
Hong Kong – Mayer Brown JSM is pleased to announce that it advised Swire Properties Limited on the sale of Hong Kong's Festival Walk to a wholly-owned subsidiary of Mapletree Investments Ptd Ltd ("Mapletree") for a cash consideration of HK$18.8 billion. Completion took place on 18 August 2011.
Mapletree, a unit of Singapore's state investment firm Temasek Holdings which is engaged in real estate development, investment and capital management, will take full ownership and operational control of the property.
Festival Walk consists of a seven-storey shopping complex and a Grade-A office tower with a gross floor area of about 1.2 million square feet in Kowloon Tong, Hong Kong. It was jointly developed by Swire Properties and CITIC Pacific in 1993-1998.
Mayer Brown JSM has significant knowledge and experience on the background of the Festival Walk project and has acted for Swire Properties in the acquisition of the land as well as lease modification issues of the development and also in the drafting of the Deed of Mutual Covenant and 50:50 joint venture agreement between Swire Properties and CITIC Pacific. In 2006, the firm also acted in the sale to Swire Properties of CITIC Pacific's 50% stake in Festival Walk for HK$6.18 billion.
The Mayer Brown JSM team was led by real estate partner Robert Lynn.