08 Oct 2014
Initial Public Offering of Accordia Golf Trust
Rajah & Tann Singapore LLP acted as the legal adviser as to Singapore law to Citigroup Global Markets Singapore Pte. Ltd. and Daiwa Capital Markets Singapore Limited, the joint global coordinators, bookrunners, issue managers and underwriters in respect of the offering and listing of 782,025,000 units in Accordia Golf Trust on the Main Board of the SGX-ST. The market capitalisation of Accordia Golf Trust at listing (based on the offering price) was S$1.1 billion.
Accordia Golf Trust is the first business trust with an initial portfolio comprising investments in golf course assets in Japan to be listed on the SGX-ST. The investment in the initial portfolio of golf course assets was through a tokumei kumiai (“TK”) structure, where Accordia Golf Trust entered into a Japanese TK arrangement as a TK investor with the special purpose vehicle which was the TK operator under the TK arrangement. Accordia Golf Trust is the first Singapore business trust to utilize the TK structure to invest in its initial portfolio.
Partners Evelyn Wee and Howard Cheam led the Capital Markets team, assisted by lawyers Gwendolyn Tan, Penelope Loh, Kalyn Liang and Hoon Chi Tern. Partners Lawrence Tan and Soh Chai Lih advised on issues under the Singapore Code on Takeovers and Mergers, while Partner Regina LIew, assisted by lawyer Benjamin Liew, advised on Financial Institution regulatory issues.