Clifford Chance advises APG on joint venture with Wang On Properties
17 January 2022
Clifford Chance advises APG on joint venture with Wang On Properties
Leading international law firm Clifford Chance has advised APG Asset Management (APG), the largest pension provider in the Netherlands, on the establishment of a joint venture with Wang On Properties Limited (Wang On), a listed real estate developer in Hong Kong, to engage in the acquisition of residential properties in Hong Kong for development and re-development for sale.
The joint venture aims to enable affordable housing, urban regeneration, and urbanisation in Hong Kong. Under the partnership, APG and Wang On will jointly acquire and develop residential properties across urban locations in Hong Kong with an initial total commitment of HK$4.66 billion (€523 million).
The transaction was led by M&A and private equity partner Bryan Koo, and supported by senior associate Ryan Wong, associate Jason Chow and trainee solicitor Tobias Wong. Partner Virginia Lee also provided advice in relation to the Listing Rules aspects of the transaction.
Partner Bryan Koo commented, "We are pleased to have supported APG in the successful establishment of the joint venture, which springboards APG into the Hong Kong market. This complex transaction demonstrates our depth and breadth of experience in the Greater Bay Area and our commitment to clients who are aiming for long-term strategic returns through investments that are socially responsible, sustainable, and innovative."