Global firms act as India lists first-ever REIT

by Sol Dolor12 Apr 2019

Global firms have lent their legal expertise to make India’s first-ever REIT IPO a success.

Clifford Chance worked with local firm Cyril Armachand Mangaldas to advise Blackstone and Embassy Property Developments on the Embassy Office Parks REIT, which raised US$690m. Clifford Chance said that the offer was 2.57 times oversubscribed.

Latham & Watkins and S&R Associates represented the managers, which were led by Morgan Stanley India. The group also included Kotak Mahindra, J.P. Morgan India, DSP Merrill Lynch, Axis Capital, Credit Suisse Securities India, Deutsche Equities India, Goldman Sachs India, HSBC Securities and Capital Markets India, IIFL Holdings, JM Financial, and Nomura Financial Advisory and Securities India.

Clifford Chance said that the REIT IPO is the largest in Asia in terms of office portfolio area, with the portfolio representing an area that is more than double the size of others in Asia.

Partner Rahul Guptan headed the Clifford Chance team. He was supported by senior associate Shashwat Tewary and associate Hui Ting Phua. New York counsel Paul Koppel also advised on the matter. In 2017, Clifford Chance was involved in India’s first IPO of an infrastructure investment trust.

Singapore partner and India practice head Rajiv Gupta headed the Latham team. He was supported by Singapore associates Jairo Lamatina and Su Yeun Yang and London associate Emma Pianta.

New York partners Jiyeon Lee-Lim and Gregory Hannibal, with New York associate Sam Yang, provided tax advice. Los Angeles tax partner David Taub and associate Jack Stratton advised on ERISA matters, New York corporate partner Julian Kleindorfer and Singapore corporate partner Sharon Lau also advised, Clifford Chance said.