Exchange Square in downtown Hong Kong. Photo: Urban Napflin/Shutterstock.comLatham, Freshfields Advise on Warburg-Backed Logistics Real Estate Developer's $1BN Hong Kong IPO
Global Law Office and Commerce & Finance Law Offices are acting as Chinese counsel on the proposed listing.
March 07, 2019 at 03:57 PM
3 minute read
Latham & Watkins and Freshfields Bruckhaus Deringer have won the lead roles on an upcoming Hong Kong initial public offering by a Warburg Pincus-backed logistics real estate developer that could raise at least $1 billion.
Hong Kong-based ESR Cayman Ltd, which builds and leases infrastructure, mostly in China, Japan, South Korea and Singapore, filed last week for a Hong Kong listing. Reuters reported the deal could raise up to $1.5 billion. The company was valued at almost $5 billion in its latest funding round in May of last year, according to Reuters.
ESR said in a filing that the company is one of Chinese e-commerce giant JD.com Inc's major warehouse landlords in the Asia-Pacific region; JD.com's logistics subsidiary, Jingdong Logistics Group Corp, owns about 8 percent of ESR. Other investors include Goldman Sachs and Korean conglomerate SK Group.
The company is the product of a 2016 merger between Shanghai-based warehousing services firm e-Shang Cayman Ltd, which was co-founded by Warburg Pincus, and Singapore-based logistics real estate investment firm Redwood Group Asia Pte Ltd. Warburg is the company's largest shareholder, with a 38 percent holding.
The proceeds of the IPO will be mostly used to repay loans and redeem convertible preference shares, develop logistics properties, and fund mergers and acquisitions and strategic investments.
Latham & Watkins Hong Kong partners Amy Beckingham, Benjamin Su and Terris Tang are advising ESR on its listing.
The issuer is being advised by Global Law Office on Chinese law, White & Case on Singaporean law, Nagashima Ohno & Tsunematsu on Japanese law, Shin & Kim on Korean law, Corrs Chambers Westgarth on Australian law, and Kanga & Co on Indian law.
Freshfields Hong Kong partner Grace Huang and Singapore partners Stephen Revell and Arun Balasubramanian are advising CLSA and Deutsche Bank as the joint sponsors.
Commerce & Finance Law Offices Shanghai partner Jiang Haitao is advising the banks on Chinese law.
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Skadden, Clifford Chance Lead on Xiaomi's $10BN Hong Kong IPO
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