Hutchison acquires Shanghai property

Hutchison Harbour Ring Property has completed one of the largest single asset real estate financings in China. The acquisition of The Center in the Puxi district of Shanghai was for Rmb 4.4 billion, approximately US$635.2 million.

Allen & Overy advised Aareal Bank Asia and Aareal Bank AG on the senior loan financing of the acquisition. Aareal Bank Asia acted as arranger and Aareal Bank AG acted as the lender of the US$479 million senior secured term loan facility. The Allen & Overy team was led by Nicholas Crossin, assisted by Paul Aherne, Ashley Young, Erik Bégin, and Weeliem Seah.