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Ashurst, Hogan Lovells and Norton Rose secured leading roles on the financial close of the S$1.8bn (£855m) Singapore Sports Hub PPP.
Norton Rose won the mandate acting for the successful Sports Hub Consortium, which was named preferred bidder on the project in 2008. The team was led by infrastructure partner Nick Merritt and banking partner Jeff Smith.
Merritt said: “To reach financial close is an immensely satisfying achievement. To act for the Singapore Sports Hub Consortium on this innovative project demonstrates the collective expertise and shared vision of the government and the consortium.”
Hogan Lovells Singapore joint venture Hogan Lovells Lee & Lee acted for procuring authority the Singapore Sports Council on the deal, believed to be the largest ever sports infrastructure PPP. The Hogan Lovells team was led by of counsel Julien Reidy and featured Singapore managing partner James Harris and office CEO Amy Lee.
Harris commented: “We’ve been heavily involved in the development of PPPs in Singapore since their inception and have to date advised on every PPP that has come to market. Closing this mega project is a major achievement for the Singapore Government and we’re proud to have been selected by the Singapore Sports Council to work on this project.”
The complex structure of the PPP, originally scheduled to close in 2008, will see the consortium design, build, maintain and operate a facility that includes a 55,000-seat outdoor stadium, an aquatic centre and multi-purpose arena. The deal also includes the renovation of the existing 12,000-capacity Singapore Indoor Stadium.
Ashurst Singapore managing partner Matthew Bubb advised the club of 11 banks, including HSBC, that provided long-term debt financing for the project.
Singapore firm Rajah and Tann advised the winning consortium on local law and real estate matters, while Onside Law partner Jamie Singer acted for it in relation to the sale of commercial sports rights.