Global law firm Norton Rose Fulbright has advised China Overseas Grand Oceans Group Limited (COGO) on its acquisition of a property portfolio in China from China Overseas Land & Investment Limited (COLI) for a cash consideration of RMB3,516 million.
COGO has agreed to acquire the property portfolio, which has a total gross floor area of approx. 9.5 million square metres. It is located in emerging third tier cities in China including Yangzhou, Huizhou, Huangshan, Weifang, Zibo, Jiujiang and Shantou. The net assets involved amount to about HK$3,248 million.
As one of the percentage ratios exceeds 100 percent, the acquisition constitutes a very substantial acquisition of COGO under the Listing Rules, on a non-extreme basis. In addition, COLI has an interest in approximately 37.98 percent of the total issued shares of COGO, and therefore the acquisition also constitutes a connected transaction of COGO.
COGO is the leading property developer in China’s emerging third tier cities with leading investment value and growth potential. This transaction brings about a significant increase in COGO’s land reserves and entry into a number of new cities in one single transaction. The acquisition carries strategic significance and synergies to both COGO and COLI.
The Norton Rose Fulbright team was led by Hong Kong partner Psyche Tai, with assistance from of counsel Doris Ng and associate Timothy Lam.
For further information please contact:
Stuart Lennon, Senior Marketing and Communications Manager, Asia
Tel: +852 3405 2306
Notes for editors:
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