Clifford Chance advises on Singapore's largest IPO for 2019

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International law firm Clifford Chance has acted on the US$813m initial public offering of Prime US REIT on the Singapore Exchange.

The firm has advised DBS Bank, Merrill Lynch, China International Capital Corporation, Credit Suisse, Maybank Kim Eng Securities, and Oversea-Chinese Banking Corporation Limited as the joint bookrunners and underwriters on the IPO with an offering of 923,863,999 units in the real estate investment trust.

Clifford Chance partner Raymond Tong and senior associate Ying Chiang Chong acted on the transaction, which is Singapore Exchange’s largest IPO year-to-date and the third pure-play US REIT listing this year.

"Prime US REIT is the third pure-play US REIT listing on the Singapore Exchange in 2019, raising the largest amount among the three in gross proceeds,” said Tong. “We are very proud to have advised the underwriters on a transaction of this scale and complexity, demonstrating that we are able to assist our clients in achieving their objectives even in challenging market conditions."