29 November 2005, Hong Kong – LAWFUEL – The Law News Network – Inte…

29 November 2005, Hong Kong – LAWFUEL – The Law News Network – International law firm Shearman & Sterling LLP has advised The Link Management Company Limited in the HK$19.8 billion (approximately US$2.5 billion) initial public offering, including Rule 144A/Regulation S offering, and listing on The Stock Exchange of Hong Kong of the Link real estate investment trust (REIT). The Link REIT made its trading debut on Friday, 25 November.

The Link REIT is the world’s largest property trust to date and the first REIT for Hong Kong. The REIT’s portfolio of assets comprised of 180 government-owned shopping centers and 79,000 car parking lots that have been divested by the Hong Kong Housing Authority. The trust will use rental income from this real estate to pay dividends to its investors.

The final size of the offering is likely to be upsized to HK$22 billion (approximately US$2.8 billion) should the underwriters choose to exercise its over-allotment option in full.

Goldman Sachs, HSBC and UBS are the joint global coordinators for the sale. JP Morgan Chase is advising the government.

The Shearman & Sterling team was led by Hong Kong capital markets partner Matthew Bersani and comprised of partners from the New York office, Jeff Crandall (Executive Compensation & Employee Benefits), Chris Smith (Property), John Opar (Property) and Paul Schreiber (Asset Management). Laurence Crouch, partner from the firm’s Menlo Park office, assisted on tax issues. The associates involved in the transaction were Jennifer Peng (Hong Kong–Capital Markets), Blake Dunlap (Hong Kong–Capital Markets), Vivan Wong (Hong Kong–Capital Markets), Lisa Brill (New York-Property), Lorna Chen (New York-Asset Management), Patricia Kuhn (New York-Executive Compensation & Employee Benefits), Brian Zuro (New York-Executive Compensation & Employee Benefits) and Eileen O’Pray (Menlo Park-Tax).

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