We are delighted to announce that Appleby was awarded with the "Finance Deal of the Year" for financing to COSCO Shipping Ports Chancay Peru S.A..
The ALB Hong Kong Law Awards ceremony was held on 15 September, is a prestigious event recognising legal excellence and the outstanding performance of law firms and in-house counsels in Hong Kong. Appleby acted as Bermuda and BVI counsel in advising the lenders on all the financing aspects of this 15-year USD975 million loan project for the construction and development of the Chancay Multipurpose Port Terminal, located 67 km north of Lima, Peru. The port is 60% owned by COSCO Shipping Ports, China's largest and most globally competitive state-owned shipping company, with the rest being held by a local Peruvian company. Mayer Brown acted as international counsel and Garrigues Peru as Peruvian counsel to the lenders.
This transaction has also been selected as the iconic case of state-owned enterprise brand building with sustainability investment strategy by the State-owned Assets Supervision and Administration of the State Council in July 2023 as part of China's Belt and Road Initiative. The strategic location of the port will help boost economic development and maritime trade between South America, Asia and other major ports around the world.
Partner Fiona Chan, who led the team at Appleby, commented: "I am proud to be involved in this award-winning deal and thrilled to see that our financing expertise has been widely recognised by the industry in the region."
David Bulley, Managing Partner of the Hong Kong and Shanghai offices, added: "We are proud and honoured to be awarded "Finance Deal of the Year" by ALB Hong Kong Law Awards. This recognition reflects the fantastic performance of the team that we have built and are continuing to build at Appleby Hong Kong. Thanks to all of our clients and referrers who continue to trust us with their important matters. I look forward to working to strategically grow our Hong Kong office, as we have done and continue to do, with a focus on providing a first-class service to our clients."
Appleby's Banking & Financial Services specialists advise banks and financial institutions, ship and aircraft owners, lessors and lessees, and joint venture and project developers. Our team has an extensive range of expertise and provides comprehensive, practical and commercially minded legal advice on all matters related to banking, international real estate, asset, project and other financing matters.