Appleby Hong Kong acted as BVI and Bermuda counsel to InfraRed NF, a Hong Kong-based joint venture between InfraRed Capital Partners and Vervain, a leading Greater China real estate investment manager, in a USD 92.2 million financing investment with Fullsun International Holdings Group ("Fullsun International"), a Hong Kong listed property developer.
Appleby advised InfraRed NF on the debt and security structure from a BVI and Bermuda law perspective and assisted them throughout the transaction as offshore counsel. The transaction was led by Partner Fiona Chan, supported by Senior Associate Prabha Sasidharan and Associates Karina Li and Quinton Tse.
The loan will be used by Fullsun International to fund further construction and the acquisition of projects from smaller developers to support the further growth of the company.
The loan is secured on a portfolio of two ring-fenced partially completed residential development projects in Changsha, with additional credit enhancement provided from a mature office asset in Hong Kong.
Fiona commented: "We were pleased to work alongside Sidley Austin on this major financing deal. This transaction is a great example of our substantial track record advising clients on some of the most complex and market leading transactions in Asia."