9 April 2020
Clifford Chance advises on US$394.6 million United Hampshire US REIT IPO
Leading international law firm Clifford Chance has advised United Overseas Bank Limited, UOB Kay Hian Private Limited, UBS AG, Singapore Branch, Credit Suisse (Singapore) Limited and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch on the initial public offering (IPO) of units in United Hampshire US Real Estate Investment Trust (REIT) to raise approximately US$394.6 million.
United Hampshire US REIT is Asia's first REIT with grocery-anchored and necessity-based retail properties and self-storage assets located in the US.
"Grocery and necessities retail properties have been amongst the most stable sectors in the US, and self-storage is one of the fastest-growing," said partner Raymond Tong who led on the deal. "Our team worked alongside a global network of key sponsors and investors to build a first of a kind REIT for Asia. The fund has clear objectives and a strong outlook even in challenging market conditions, which is a great testament to all involved."
Raymond was supported by senior associate Ying Chiang Chong and associate Li Ser Wong.
The firm has advised on many of the market's recent leading listings, including Singapore's largest pure-play US REIT IPO for 2019: Prime REIT US$813 million IPO, India's first ever REIT: Blackstone and Embassy's US$690 million IPO, Hong Kong's second largest IPO in 2019: Budweiser Brewing Company APAC Limited's US$5 billion IPO, and advising Maybank Investment Bank Berhad and CIMB Investment Bank Berhad on the placement of up to 247,457,057 new units in the Axis-REIT.