Link Real Estate Investment Trust (stock code: 823, followed as “Link Real”) announced recently that it had completed the project to acquire 100% equity of Lincoln R.E. Investments Limited (followed as “target company”) held by Link R.E. Investments Limited (followed as “seller”) through Middle River Developments Limited (followed as “buyer”) and became the exclusive owner of First Venture R.E. Limited (followed as “First Venture R.E.”), Beijing Yateng Real Estate Managing & Operating Co., Ltd. held by First Venture R.E. (followed as “project company”) and the Jingtong Roosevelt Plaza held by the project company (followed as “target property”).
The target property of the deal is the Jingtong Roosevelt Plaza, which is a 7-floor (-1 floor to 6 floor) business center located in the central commercial area of the Tongzhou District of Beijing China (Cuijing North No.21, Liyuan Town, Tongzhou District, Beijing), its retail space is about 67,546 m2 with 576 parking spaces (-2 floor and -3 floor), providing services including shopping, leisure, sightseeing, beverage, entertainment and cultural experiences. The target property values is about RMB 2.56 billion.
Link Real is an accumulating investment plan recognized by the HKEx, its fund unit was listed on the mainboard of the HKEx in 2005 and became the largest REITs in Asia. Link Real Asset Management company acts as the manager in managing a range of multiple property combinations of retail stores, offices properties and parking spaces in Hong Kong and China Mainland. Up to September 30th 2018, the properties and parking spaces held by Link Real in Hong Kong and China Mainland had a total value of more than HKD 210 billion.
JunHe acted as the PRC legal counsel to Link Real and provided a whole set of legal services for this deal including due diligence to project company and target property, design and demonstration of deal plan, PRC law oriented advice on equity transfer documents, conducting legal opinions on the project company and target property, and assisting in the delivery and business registration of project company.
Link Real entered Mainland market in 2015 and purchased a series of commercial properties in Beijing, Shanghai and Guangzhou, but this project was the largest single commercial property deal in the Beijing market in 2018, which created the first commercial property deal in the Tongzhou District and left a significant meaning to the property market in Beijing. The project lasted for around 7 months, and the JunHe team provided solutions and support not only in providing legal documents but also in conducting business based on JunHe’ s thorough understanding and experience of the project. Moreover, the JunHe team also negotiated efficiently and collaborated thoroughly with the project company and other intermediaries, pushing forward the finalization and delivery of the project smoothly, the JunHe team’s performance was highly recognized by the client and other involved parties.
The leading partner for the project was Ms.TANG, Yue.