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JunHe Advises Sasseur REIT on its Parallel Refinancing


Sasseur Real Estate Investment Trust (“Sasseur REIT”) recently raised a credit facility of more than RMB 2 billion from a syndicate composed of domestic and overseas branches of DBS, CITIC Bank, Minsheng Bank, SPD Bank, CNCBI, BEA, Bank of Chongqing and others to refinance its existing debts.

Sasseur REIT offers opportunities to invest in the fast-growing outlet mall market in China through its portfolio of quality outlet mall assets strategically located in emerging first- and second-tier cities. Sasseur REIT was listed on the Singapore Exchange in 2018 and was the first REIT in Asia with outlet malls as its underlying asset.  The company has changed its business model from asset-heavy to asset-light and the number of shopping malls it operates has increased. As a result, investors have become more optimistic about the company’s development prospects.

It took 12 months to complete Sasseur REIT’s refinancing project due to its complex structure and the many syndicate members. As the counsel to the domestic lenders, JunHe assisted with the design of the financing structure, drafted the domestic transaction documents, reviewed the overseas transaction documents, and assisted with the completion of the security registration procedures. JunHe’s team issued PRC legal opinions  and advanced the contract signing and closing of the project with its efficient, professional and highly coordinated work. JunHe was highly appreciated by Sasseur, the syndicate and the international lawyers.

The project was led by JunHe partners LIU, Dali (David) and CUI, Bing (Benson)

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.
As the first carbon neutrality fund sponsored by a law firm in China, the BAF Carbon Neutrality Special Fund was jointly established by JunHe and the Beijing Afforestation Foundation (BAF) to promote carbon neutral initiatives, and encourage social collaboration based on the public fundraising platform to mobilize engagement in public welfare campaigns.