Singapore, 3 November, 2008 – Baker & McKenzie.Wong & Leow has advised YTL Corp on the largest Singapore REIT M&A deal to date.

YTL Corp’s acquisitions include an approximately 26% stake in Macquarie Prime REIT (MP REIT) and 50% of Prime REIT Management Holdings Pte Ltd (PRMH) from Macquarie for S$285 million (US$189 million), giving YTL Corp control of the REIT.
 
YTL Corp is one of the largest listed companies in Malaysia.  It is an integrated infrastructure developer with core activities including power generation and transmission, owning and managing water and sewage facilities, as well as cement manufacturing, construction contracting, the development of properties and hotels and e-commerce initiative.

Through one of its subsidiaries, YTL Corp manages Malaysia's largest listed REIT, Starhill REIT, which has a market capitalisation of around US$260 million and a property portfolio valued at approximately US$433 million.

On completion of the proposed transaction and subject to approvals, MP REIT will be renamed Starhill Global REIT, in line with Starhill REIT in Malaysia.

Baker & McKenzie.Wong & Leow’s team, led by Principal, Ai Ai Wong, advised on all aspects of the landmark transaction.

Mrs Wong said, "We are delighted to have advised YTL Corp on this historic deal, which confirms the strength of Singapore's real estate sector for investors who are looking beyond the immediate turbulence. YTL Corp is one of the most dynamic Asian companies and clearly their current investment has been very well timed.”