22 August 2011
Mayer Brown JSM is pleased to announce that it advised Phoenix Real Estate Investment Funds in acquiring more than 90% of the undivided shares in Arts Mansion, No.31 Conduit Road, Hong Kong.
Arts Mansion is a luxurious apartment building with 160 units and 90 car parks with a site area of 30,000 square feet. The joint sale transaction, where 141 units and 75 car parks were sold in one lot, was completed on 12 August 2011. Mayer Brown JSM has also been instructed to follow up on the acquisition of the remaining units through a compulsory sale application.
Mayer Brown JSM also acted for a number of lenders in a syndicated loan financing of the acquisition. Lenders included Hang Seng Bank, HSBC, Bank of East Asia, Fubon Bank, Dah Sing Bank and Chinatrust Commercial Bank and the facilities amounted to HK$1.9 billion.
Peter Ho, partner of Mayer Brown JSM in Hong Kong, said: "We are delighted at the successful outcome of this transaction. This was an unusual deal in the market because of its prime location and the difficulties involved in securing agreement from the large number of owners, including some who were located abroad, to sell in one lot."
The Mayer Brown JSM team was led by real estate partner Peter Ho.