Singapore Duo on $3.6B Urban Development Deal
Allen & Gledhill and WongPartnership advised state-run companies Temasek and JTC in a four-way merger that created one of the largest home and industrial park builders in the region.
August 04, 2015 at 12:45 AM
2 minute read
Singapore's Allen & Gledhill and WongPartnership had the lead roles in a $3.6 billion deal that created one of Southeast Asia's largest urban development companies.
The new Ascendas-Singbridge Group was the result of a merger of four units previously owned by Singapore's sovereign wealth fund, Temasek Holdings Pte. Ltd., and state-run industrial park developer JTC Corp. In the deal, Temasek subsidiary Singbridge Pte. Ltd. combined with JTC's Ascendas Pte. Ltd. to create the asset investment arm of the new company. Temasek and JTC also merged their construction and engineering divisions, Surbana International Consultants Holdings Pte. Ltd. and Jurong International Holdings Pte. Ltd., respectively, to work as a part of Ascendas-Singbridge.
Temasek owns a majority of 51 percent in the new company, while JTC holds the remainder.
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