Harneys advises on the US$335 million SF Real Estate Investment Trust IPO

Harneys acted as British Virgin Islands and Cayman Islands counsel to SF REIT Asset Management Limited in relation to its SF Real Estate Investment Trust (SF REIT) listing on the Hong Kong Stock Exchange (HKEX) on 17 May 2021, raising approximately US$335 million. The listing is the 13th real estate investment trust (REIT) on the HKEX.

SF REIT is the first logistics-focused REIT to be listed on the HKEX and invests primarily in high quality, income-generating properties globally, with an initial focus on modern logistics properties in Hong Kong and the People’s Republic of China (PRC). SF REIT is managed by SF REIT Asset Management Limited whose investment objectives are to provide its investors with stable distribution and sustainable long-term growth.

The Harneys team was led by co-global head of Corporate Raymond Ng and Legal Manager Nicholas Fong, with support from Paralegal Alkafe Lam. Hogan Lovells advised DBS as the sole listing agent, with Baker & McKenzie providing onshore advice to SF REIT Asset Management Limited. Credit Suisse, JPMorgan and DBS were joint global coordinators, joint brokers and joint lead managers on the deal.

Raymond Ng commented: “REITs are an exciting investment strategy and offer diversification advantages when compared to more traditional investments into physical properties. We are pleased to have advised the REIT manager on this listing and would like to congratulate them on their success.”

Harneys corporate team advises on complex cross-border transactions involving British Virgin Islands, Cayman Islands, Luxembourg and Cyprus corporate vehicles. The firm’s significant track record includes advising on high profile private equity transactions, landmark IPOs, as well as public and private M&A and joint ventures.