S$263 million acquisition of lyf Funan Singapore by CapitaLand Ascott Real Estate Investment Trust
Allen & Gledhill, as transaction counsel, advised CapitaLand Ascott Trust Management Limited (“CapitaLand Ascott Trust”) (as manager of CapitaLand Ascott Real Estate Investment Trust (“CapitaLand Ascott REIT”)) and CapitaLand Ascott Business Trust Management Pte. Ltd. (“CapitaLand Ascott BT Management”) (as trustee-manager of CapitaLand Ascott Business Trust (“CapitaLand Ascott BT”)), on the S$263 million acquisition (“Proposed Acquisition”) of lyf Funan Singapore.
The acquisition involves CapitaLand Ascott REIT acquiring 100.0% of the issued units in Victory SR Trust which holds lyf Funan Singapore from Victory SR Pte. Ltd. (“VSRT”).
Upon the completion of the Proposed Acquisition, VSRT (as lessor) will enter into a master lease in respect of lyf Funan Singapore with lyf Funan Management Pte. Ltd. (as lessee), a wholly owned subsidiary of The Ascott Limited.
Advising CapitaLand Ascott Trust (as manager of CapitaLand Ascott REIT) and CapitaLand Ascott BT Management (as trustee-manager of CapitaLand Ascott BT) are Allen & Gledhill Partners Teh Hoe Yue and Lim Mei Ann.