Ashurst ADTLaw advised CapitaLand Integrated Commercial Trust ("CICT") on the S$3.9 billion acquisition of Paragon, a premier freehold integrated development situated along Orchard Road, Singapore, from Cuscaden Peak. Paragon comprises a retail podium together with medical suites and office towers.
The acquisition will reinforce CICT's position as the largest owner of private commercial real estate in Singapore while securing exposure to the city's tightly held medical suites sector. Paragon is a premier landmark along Singapore's Orchard Road with great strategic value, and CICT's acquisition is a significant transaction for Singapore's commercial real estate landscape.
The landmark transaction demonstrates the firm's depth of experience in complex, high-value real estate and corporate transactions in the region. The firm brought together a multi-practice team spanning real estate, corporate transactions, competition, IP, global loans, employment and Ashurst Advance, the firm's NewLaw division delivering technology-led legal solutions. The collaboration across practices enabled the team to address the full breadth of legal and regulatory considerations arising from a transaction of this scale and complexity.
The team was led by Tao Koon Chiam and Yi Ming Choo. They were supported by Zheng Kai Chok, Cheryl Chui, Edwin Poh, Mei An Chan, Samantha Lim, Hui Lyi Tay and Iris Lo. Partners Pauline Tan, Angie Ng, Clarence Ding and Jean Woo also provided counsel, supported by Karen Mitra, Gaby Stach, Anavi Suri, Adelle Elhosni, Ernest Koh, Sheena Teng, Yoong San Tan, Ariane Kea and Kevin Adidharma.
Tao Koon commented, "We are honoured to have advised CICT on this landmark transaction. This is a testament to the trust our client places in us and to the firm's deep capabilities in navigating complex, high-value transactions. Our multi-practice team worked closely with the client at every stage to help bring this transaction to a successful close."
Yi Ming added, "Paragon is one of Singapore's most iconic retail and commercial destinations, and advising on its acquisition underscores our deep understanding of the real estate sector. Transactions of this nature require not only technical legal expertise but also a nuanced appreciation of asset value, market dynamics and the regulatory landscape. We are proud to have played an integral role in shaping this deal and helping CICT secure a truly generational asset."
