JULY 2014
Transactions
Citi acquires East Tower at One Bay East, Kowloon East from Wheelock Properties
US banking group Citi will spend HK$5.42 billion on a new grade A office building in East Kowloonthat will become the hub for its 4,500 staff scattered around the city, in the largest single-office transaction recorded in Hong Kong.
The deal eclipsed the mark set by Agricultural Bank of China with its HK$4.88 billion purchase of 50 Connaught Road Central in 2012. The Citi building is being built by Wheelock Properties and will be named One Bay East - East Tower. It is due to be completed next year, with 21 floors and a total gross floor area of 512,000 square feet, the lender said yesterday.
"This is one of the greatest milestones of our 112 years of history in Hong Kong," Weber Lo, the country officer and chief executive for Hong Kong and Macau, told the South China Morning Post. "This strategic investment of a Citi-owned office property is a testament of our commitment to the future of Hong Kong, and our determination to furthering our franchise in this priority market of Citi."
Stephen Bird, chief executive for Citi Asia Pacific, said the move was "in line with our global strategy to consolidate our operations in priority markets".
In Hong Kong, Citi has so far leased several offices and owned only a few branches. Aside from a Central branch, its other offices include Citibank Plaza in Garden Road and premises in Quarry Bay.
The acquisition was a rare forward purchase of an office building under construction in Hong Kong. Cordells, a local law firm that specializes in providing commercial real estate legal services to international companies in both Hong Kong and Asia, represented Citi in the acquisition. Hilary Cordell and Helen Worth, partners of Cordells, handled the transaction. The West Tower was sold in March 2013 to Manulife International Insurance. Cordells also represented Manulife in that transaction. LM
Wilmington Trust restructuring of
Energy Future Holdings Corp.
First-lien creditors and unsecured bondholders lined up behind Energy Future Holdings Corp. in the fight to keep its massive Chapter 11 in Delaware, backing the power company's objection to an unsuccessful bid by second-lien noteholders to relocate the bankruptcy proceedings to Texas.
Committees representing separate blocs of creditors and bondholders, the first lien collateral agent, as well as other parties in what is one of the largest Chapter 11 in U.S. history, filed joinders echoing EFH's contention that transferring the cases to a Texas court would be improper and inefficient.
Wilmington Savings Fund Society FSB, the indenture trustee for second- lien noteholders owed $1.6 billion, launched a bid to transfer the cases to EFH's home town of Dallas, but EFH objected that there are no grounds to override its decision of where to file for bankruptcy. On May 22, 2014, the Delaware bankruptcy court denied the motion to transfer venue to Texas and the cases remain in the Delaware bankruptcy court.
Seward & Kissel LLP acts as counsel to Wilmington Trust, N.A., as administrative agent for approximately $24.5 billion of first lien credit obligations and collateral agent for approximately $27.5 billion of first lien secured obligations in connection with the restructuring of Energy Future Holdings Corp.
Kalyan (“Kal”) Das is the lead Partner on the transaction. Members of the bankruptcy and restructuring team include Partner John Ashmead, Counsel Arlene Alves and Associate Catherine LoTempio. Members of the corporate finance team include Partner Andrew Silverstein and Senior Associate Gregg Bateman. Members of the litigation team include Partner Mark Kotwick and Senior Associate Ross Hooper. LM
Financial adviser to the debtor: Real estate advisor: Legal advisor to Wheelock Properties:
Citi acquires East Tower at One Bay East, Kowloon East from Wheelock Properties
Legal advisor to Citi:
97
British Virgin Islands counsel to Wheelock:
This announcement appears as a matter of record only
Restructuring of Energy Future Holdings Corp.
Counsel to Wilmington Trust, N.A. as administrative agent and collateral agent:
Restructuring adviser to the debtor:
This announcement appears as a matter of record only
www.lawyer-monthly.com
Wheelock Properties
Wilmington Trust
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