Ashurst advised the senior finance parties comprising 11 local and international commercial banks on the handover of the approximately $1.33 billion Singapore Sports Hub facility to the Government of Singapore, the termination of the partnership agreement between the Government and the private consortium that was running the facility, and the early payment of the senior debt.
The Singapore Sports Hub is a sports and recreation district in Kallang, Singapore, which was opened to the public in 2014. The hub is anchored by a 55,0000 capacity National Stadium as well as an aquatics facility, indoor sports hall, water sports center, public sports facility and retail facilities.
Singapore's national sports agency Sport Singapore (SportSG) announced in June 2022 that it would be taking over the management and operations of the Singapore Sports Hub, ending its 25-year public-private partnership with a consortium of private partners ahead of schedule, in order to gain greater control and flexibility over the sports facilities and make it more accessible to the public. The management of the hub will be handled by a new entity, Kallang Alive Sport Management, a wholly owned subsidiary of Kallang Alive Holding Co., incorporated by SportSG.
Ashurst also advised the senior finance parties on the debt financing for the Singapore Sports Hub PPP in 2013 and on the refinancing in 2015.
The transaction was led by partner Alfred Ng, supported by associate Darren Lim and senior associate Jermaine Ng.
